Correlation Between Sanbo Hospital and Shanghai Pudong
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By analyzing existing cross correlation between Sanbo Hospital Management and Shanghai Pudong Development, you can compare the effects of market volatilities on Sanbo Hospital and Shanghai Pudong 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 Shanghai Pudong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Shanghai Pudong.
Diversification Opportunities for Sanbo Hospital and Shanghai Pudong
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Shanghai is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Shanghai Pudong Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Pudong Deve 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 Shanghai Pudong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Pudong Deve has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Shanghai Pudong go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Shanghai Pudong
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Shanghai Pudong. In addition to that, Sanbo Hospital is 2.9 times more volatile than Shanghai Pudong Development. It trades about -0.02 of its total potential returns per unit of risk. Shanghai Pudong Development is currently generating about 0.07 per unit of volatility. If you would invest 724.00 in Shanghai Pudong Development on August 31, 2024 and sell it today you would earn a total of 222.00 from holding Shanghai Pudong Development or generate 30.66% 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. Shanghai Pudong Development
Performance |
| Timeline |
| Sanbo Hospital Management |
| Shanghai Pudong Deve |
Sanbo Hospital and Shanghai Pudong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Shanghai Pudong
The main advantage of trading using opposite Sanbo Hospital and Shanghai Pudong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Shanghai Pudong 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 Shanghai Pudong will offset losses from the drop in Shanghai Pudong's long position.| Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. China Mobile Limited | Sanbo Hospital vs. Ping An Insurance | Sanbo Hospital vs. China Petroleum Chemical |
| Shanghai Pudong vs. Hangzhou Minsheng Healthcare | Shanghai Pudong vs. Sanbo Hospital Management | Shanghai Pudong vs. Shantou Wanshun Package | Shanghai Pudong vs. Anji Foodstuff Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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