Correlation Between Sanbo Hospital and Renxin New
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By analyzing existing cross correlation between Sanbo Hospital Management and Renxin New Material, you can compare the effects of market volatilities on Sanbo Hospital and Renxin New 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 Renxin New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Renxin New.
Diversification Opportunities for Sanbo Hospital and Renxin New
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sanbo and Renxin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Renxin New Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Renxin New Material 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 Renxin New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Renxin New Material has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Renxin New go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Renxin New
If you would invest (100.00) in Renxin New Material on September 1, 2024 and sell it today you would earn a total of 100.00 from holding Renxin New Material or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Renxin New Material
Performance |
| Timeline |
| Sanbo Hospital Management |
| Renxin New Material |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Sanbo Hospital and Renxin New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Renxin New
The main advantage of trading using opposite Sanbo Hospital and Renxin New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Renxin New 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 Renxin New will offset losses from the drop in Renxin New's long position.| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
| Renxin New vs. Lander Sports Development | Renxin New vs. Kangping Technology Co | Renxin New vs. Hengdian Entertainment Co | Renxin New vs. Sportsoul Co Ltd |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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