Correlation Between Sanbo Hospital and Rising Nonferrous
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By analyzing existing cross correlation between Sanbo Hospital Management and Rising Nonferrous Metals, you can compare the effects of market volatilities on Sanbo Hospital and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Rising Nonferrous.
Diversification Opportunities for Sanbo Hospital and Rising Nonferrous
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Rising is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Rising Nonferrous
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.96 times more return on investment than Rising Nonferrous. However, Sanbo Hospital is 1.96 times more volatile than Rising Nonferrous Metals. It trades about 0.04 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about -0.04 per unit of risk. If you would invest 2,960 in Sanbo Hospital Management on October 25, 2024 and sell it today you would earn a total of 1,480 from holding Sanbo Hospital Management or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 87.76% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Sanbo Hospital Management |
| Rising Nonferrous Metals |
Sanbo Hospital and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Rising Nonferrous
The main advantage of trading using opposite Sanbo Hospital and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Sanbo Hospital vs. Jinhe Biotechnology Co | Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Fuda Alloy Materials | Sanbo Hospital vs. Super Dragon Engineering Plastics |
| Rising Nonferrous vs. Dazhong Transportation Group | Rising Nonferrous vs. Wintao Communications Co | Rising Nonferrous vs. Sportsoul Co Ltd | Rising Nonferrous vs. Xinjiang Communications Construction |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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