Correlation Between Sanbo Hospital and Tianjin Realty
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By analyzing existing cross correlation between Sanbo Hospital Management and Tianjin Realty Development, you can compare the effects of market volatilities on Sanbo Hospital and Tianjin Realty 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 Tianjin Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Tianjin Realty.
Diversification Opportunities for Sanbo Hospital and Tianjin Realty
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sanbo and Tianjin is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Tianjin Realty Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Realty Devel 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 Tianjin Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Realty Devel has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Tianjin Realty go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Tianjin Realty
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 0.62 times more return on investment than Tianjin Realty. However, Sanbo Hospital Management is 1.62 times less risky than Tianjin Realty. It trades about 0.17 of its potential returns per unit of risk. Tianjin Realty Development is currently generating about -0.36 per unit of risk. If you would invest 4,157 in Sanbo Hospital Management on November 5, 2024 and sell it today you would earn a total of 243.00 from holding Sanbo Hospital Management or generate 5.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Tianjin Realty Development
Performance |
| Timeline |
| Sanbo Hospital Management |
| Tianjin Realty Devel |
Sanbo Hospital and Tianjin Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Tianjin Realty
The main advantage of trading using opposite Sanbo Hospital and Tianjin Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Tianjin Realty 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 Tianjin Realty will offset losses from the drop in Tianjin Realty's long position.| Sanbo Hospital vs. China Longyuan Power | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Guangxi Guiguan Electric | Sanbo Hospital vs. Yantai North Andre |
| Tianjin Realty vs. Industrial and Commercial | Tianjin Realty vs. Agricultural Bank of | Tianjin Realty vs. China Construction Bank | Tianjin Realty vs. Bank of China |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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