Correlation Between Sanbo Hospital and Greattown Holdings
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By analyzing existing cross correlation between Sanbo Hospital Management and Greattown Holdings Ltd, you can compare the effects of market volatilities on Sanbo Hospital and Greattown Holdings 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 Greattown Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Greattown Holdings.
Diversification Opportunities for Sanbo Hospital and Greattown Holdings
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Greattown is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Greattown Holdings Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greattown Holdings 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 Greattown Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greattown Holdings has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Greattown Holdings go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Greattown Holdings
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 2.89 times less return on investment than Greattown Holdings. In addition to that, Sanbo Hospital is 1.1 times more volatile than Greattown Holdings Ltd. It trades about 0.02 of its total potential returns per unit of risk. Greattown Holdings Ltd is currently generating about 0.05 per unit of volatility. If you would invest 305.00 in Greattown Holdings Ltd on September 4, 2024 and sell it today you would earn a total of 91.00 from holding Greattown Holdings Ltd or generate 29.84% 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. Greattown Holdings Ltd
Performance |
| Timeline |
| Sanbo Hospital Management |
| Greattown Holdings |
Sanbo Hospital and Greattown Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Greattown Holdings
The main advantage of trading using opposite Sanbo Hospital and Greattown Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Greattown Holdings 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 Greattown Holdings will offset losses from the drop in Greattown Holdings' long position.| Sanbo Hospital vs. BeiGene | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. Beijing Roborock Technology | Sanbo Hospital vs. G bits Network Technology |
| Greattown Holdings vs. Nanjing Putian Telecommunications | Greattown Holdings vs. Tianjin Realty Development | Greattown Holdings vs. Shenyang Huitian Thermal | Greattown Holdings vs. Shenzhen Changfang Light |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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