Correlation Between Sanbo Hospital and Hunan Airbluer
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By analyzing existing cross correlation between Sanbo Hospital Management and Hunan Airbluer Environmental, you can compare the effects of market volatilities on Sanbo Hospital and Hunan Airbluer 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 Hunan Airbluer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Hunan Airbluer.
Diversification Opportunities for Sanbo Hospital and Hunan Airbluer
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Hunan is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Hunan Airbluer Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Airbluer Envir 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 Hunan Airbluer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Airbluer Envir has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Hunan Airbluer go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Hunan Airbluer
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 2.71 times less return on investment than Hunan Airbluer. But when comparing it to its historical volatility, Sanbo Hospital Management is 1.03 times less risky than Hunan Airbluer. It trades about 0.04 of its potential returns per unit of risk. Hunan Airbluer Environmental is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 4,568 in Hunan Airbluer Environmental on August 25, 2024 and sell it today you would earn a total of 347.00 from holding Hunan Airbluer Environmental or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Hunan Airbluer Environmental
Performance |
| Timeline |
| Sanbo Hospital Management |
| Hunan Airbluer Envir |
Sanbo Hospital and Hunan Airbluer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Hunan Airbluer
The main advantage of trading using opposite Sanbo Hospital and Hunan Airbluer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Hunan Airbluer 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 Hunan Airbluer will offset losses from the drop in Hunan Airbluer's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
| Hunan Airbluer vs. China Reform Health | Hunan Airbluer vs. Qtone Education Group | Hunan Airbluer vs. By health | Hunan Airbluer vs. Sanbo Hospital Management |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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