Correlation Between Sanbo Hospital and CICC Fund
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By analyzing existing cross correlation between Sanbo Hospital Management and CICC Fund Management, you can compare the effects of market volatilities on Sanbo Hospital and CICC Fund 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 CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and CICC Fund.
Diversification Opportunities for Sanbo Hospital and CICC Fund
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sanbo and CICC is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and CICC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CICC Fund Management 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 CICC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CICC Fund Management has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and CICC Fund go up and down completely randomly.
Pair Corralation between Sanbo Hospital and CICC Fund
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 5.4 times more return on investment than CICC Fund. However, Sanbo Hospital is 5.4 times more volatile than CICC Fund Management. It trades about 0.18 of its potential returns per unit of risk. CICC Fund Management is currently generating about -0.02 per unit of risk. If you would invest 3,186 in Sanbo Hospital Management on September 2, 2024 and sell it today you would earn a total of 1,534 from holding Sanbo Hospital Management or generate 48.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. CICC Fund Management
Performance |
| Timeline |
| Sanbo Hospital Management |
| CICC Fund Management |
Sanbo Hospital and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and CICC Fund
The main advantage of trading using opposite Sanbo Hospital and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, CICC Fund 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 CICC Fund will offset losses from the drop in CICC Fund's long position.| Sanbo Hospital vs. Shanghai Rongtai Health | Sanbo Hospital vs. Tsingtao Brewery Co | Sanbo Hospital vs. Dezhan HealthCare Co | Sanbo Hospital vs. Meinian Onehealth Healthcare |
| CICC Fund vs. Easyhome New Retail | CICC Fund vs. Huaxia Fund Management | CICC Fund vs. Shanghai CEO Environmental | CICC Fund vs. Guangzhou Zhujiang Brewery |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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