Correlation Between Sanbo Hospital and Jiangsu Yueda
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By analyzing existing cross correlation between Sanbo Hospital Management and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Sanbo Hospital and Jiangsu Yueda 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 Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Jiangsu Yueda.
Diversification Opportunities for Sanbo Hospital and Jiangsu Yueda
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Jiangsu is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment 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 Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Jiangsu Yueda
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.75 times more return on investment than Jiangsu Yueda. However, Sanbo Hospital is 1.75 times more volatile than Jiangsu Yueda Investment. It trades about 0.09 of its potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.04 per unit of risk. If you would invest 4,417 in Sanbo Hospital Management on August 29, 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 | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Sanbo Hospital Management |
| Jiangsu Yueda Investment |
Sanbo Hospital and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Jiangsu Yueda
The main advantage of trading using opposite Sanbo Hospital and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
| Jiangsu Yueda vs. Ming Yang Smart | Jiangsu Yueda vs. 159681 | Jiangsu Yueda vs. 159005 | Jiangsu Yueda vs. Loctek Ergonomic Technology |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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