Correlation Between Sanbo Hospital and Ningbo Homelink
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By analyzing existing cross correlation between Sanbo Hospital Management and Ningbo Homelink Eco iTech, you can compare the effects of market volatilities on Sanbo Hospital and Ningbo Homelink and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Sanbo Hospital with a short position of Ningbo Homelink. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Ningbo Homelink.
Diversification Opportunities for Sanbo Hospital and Ningbo Homelink
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Ningbo is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Ningbo Homelink Eco iTech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Homelink Eco and Sanbo Hospital is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Sanbo Hospital Management are associated (or correlated) with Ningbo Homelink. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Homelink Eco has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Ningbo Homelink go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Ningbo Homelink
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Ningbo Homelink. In addition to that, Sanbo Hospital is 1.32 times more volatile than Ningbo Homelink Eco iTech. It trades about -0.12 of its total potential returns per unit of risk. Ningbo Homelink Eco iTech is currently generating about -0.09 per unit of volatility. If you would invest 1,750 in Ningbo Homelink Eco iTech on October 12, 2024 and sell it today you would lose (120.00) from holding Ningbo Homelink Eco iTech or give up 6.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Ningbo Homelink Eco iTech
Performance |
| Timeline |
| Sanbo Hospital Management |
| Ningbo Homelink Eco |
Sanbo Hospital and Ningbo Homelink Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Ningbo Homelink
The main advantage of trading using opposite Sanbo Hospital and Ningbo Homelink positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Ningbo Homelink can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Ningbo Homelink will offset losses from the drop in Ningbo Homelink's long position.| Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Northern United Publishing | Sanbo Hospital vs. GRIPM Advanced Materials | Sanbo Hospital vs. Duzhe Publishing Media |
| Ningbo Homelink vs. Everjoy Health Group | Ningbo Homelink vs. Hangzhou Minsheng Healthcare | Ningbo Homelink vs. Sunny Loan Top | Ningbo Homelink vs. Success Electronics |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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