Correlation Between Sanbo Hospital and Kangxin New
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By analyzing existing cross correlation between Sanbo Hospital Management and Kangxin New Materials, you can compare the effects of market volatilities on Sanbo Hospital and Kangxin 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 Kangxin New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Kangxin New.
Diversification Opportunities for Sanbo Hospital and Kangxin New
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Kangxin is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Kangxin New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangxin New Materials 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 Kangxin New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangxin New Materials has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Kangxin New go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Kangxin New
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.65 times more return on investment than Kangxin New. However, Sanbo Hospital is 1.65 times more volatile than Kangxin New Materials. It trades about 0.05 of its potential returns per unit of risk. Kangxin New Materials is currently generating about 0.0 per unit of risk. If you would invest 2,960 in Sanbo Hospital Management on August 29, 2024 and sell it today you would earn a total of 1,735 from holding Sanbo Hospital Management or generate 58.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 80.25% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Kangxin New Materials
Performance |
| Timeline |
| Sanbo Hospital Management |
| Kangxin New Materials |
Sanbo Hospital and Kangxin New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Kangxin New
The main advantage of trading using opposite Sanbo Hospital and Kangxin New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Kangxin 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 Kangxin New will offset losses from the drop in Kangxin New's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
| Kangxin New vs. Zijin Mining Group | Kangxin New vs. Wanhua Chemical Group | Kangxin New vs. Baoshan Iron Steel | Kangxin New vs. Shandong Gold Mining |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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