Correlation Between Sanbo Hospital and Changjiang Publishing
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By analyzing existing cross correlation between Sanbo Hospital Management and Changjiang Publishing Media, you can compare the effects of market volatilities on Sanbo Hospital and Changjiang Publishing 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 Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Changjiang Publishing.
Diversification Opportunities for Sanbo Hospital and Changjiang Publishing
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sanbo and Changjiang is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Changjiang Publishing go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Changjiang Publishing
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 2.36 times more return on investment than Changjiang Publishing. However, Sanbo Hospital is 2.36 times more volatile than Changjiang Publishing Media. It trades about 0.09 of its potential returns per unit of risk. Changjiang Publishing Media is currently generating about -0.1 per unit of risk. If you would invest 4,417 in Sanbo Hospital Management on August 28, 2024 and sell it today you would earn a total of 278.00 from holding Sanbo Hospital Management or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Changjiang Publishing Media
Performance |
| Timeline |
| Sanbo Hospital Management |
| Changjiang Publishing |
Sanbo Hospital and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Changjiang Publishing
The main advantage of trading using opposite Sanbo Hospital and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
| Changjiang Publishing vs. China State Construction | Changjiang Publishing vs. Huafa Industrial Co | Changjiang Publishing vs. China International Capital | Changjiang Publishing vs. Kweichow Moutai Co |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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