Correlation Between Sanbo Hospital and Chongqing Sulian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sanbo Hospital Management and Chongqing Sulian Plastic, you can compare the effects of market volatilities on Sanbo Hospital and Chongqing Sulian 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 Chongqing Sulian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Chongqing Sulian.
Diversification Opportunities for Sanbo Hospital and Chongqing Sulian
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Chongqing is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Chongqing Sulian Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Sulian Plastic 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 Chongqing Sulian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Sulian Plastic has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Chongqing Sulian go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Chongqing Sulian
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Chongqing Sulian. But the stock apears to be less risky and, when comparing its historical volatility, Sanbo Hospital Management is 1.32 times less risky than Chongqing Sulian. The stock trades about -0.03 of its potential returns per unit of risk. The Chongqing Sulian Plastic is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,748 in Chongqing Sulian Plastic on October 30, 2024 and sell it today you would earn a total of 134.00 from holding Chongqing Sulian Plastic or generate 4.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Chongqing Sulian Plastic
Performance |
| Timeline |
| Sanbo Hospital Management |
| Chongqing Sulian Plastic |
Sanbo Hospital and Chongqing Sulian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Chongqing Sulian
The main advantage of trading using opposite Sanbo Hospital and Chongqing Sulian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Chongqing Sulian 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 Chongqing Sulian will offset losses from the drop in Chongqing Sulian's long position.| Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of Communications |
| Chongqing Sulian vs. Kweichow Moutai Co | Chongqing Sulian vs. Jiangsu Pacific Quartz | Chongqing Sulian vs. Shenzhen Transsion Holdings | Chongqing Sulian vs. Beijing Roborock Technology |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |