Correlation Between Sanbo Hospital and Fujian Oriental
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By analyzing existing cross correlation between Sanbo Hospital Management and Fujian Oriental Silver, you can compare the effects of market volatilities on Sanbo Hospital and Fujian Oriental 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 Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Fujian Oriental.
Diversification Opportunities for Sanbo Hospital and Fujian Oriental
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sanbo and Fujian is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Fujian Oriental go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Fujian Oriental
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.24 times more return on investment than Fujian Oriental. However, Sanbo Hospital is 1.24 times more volatile than Fujian Oriental Silver. It trades about 0.05 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about -0.01 per unit of risk. If you would invest 2,960 in Sanbo Hospital Management on September 14, 2024 and sell it today you would earn a total of 1,855 from holding Sanbo Hospital Management or generate 62.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 82.77% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Fujian Oriental Silver
Performance |
| Timeline |
| Sanbo Hospital Management |
| Fujian Oriental Silver |
Sanbo Hospital and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Fujian Oriental
The main advantage of trading using opposite Sanbo Hospital and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental's long position.| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
| Fujian Oriental vs. Sanbo Hospital Management | Fujian Oriental vs. Lier Chemical Co | Fujian Oriental vs. Shenzhen Noposion Agrochemicals | Fujian Oriental vs. Meinian Onehealth Healthcare |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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