Correlation Between Sanbo Hospital and Xiamen Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sanbo Hospital Management and Xiamen Bank Co, you can compare the effects of market volatilities on Sanbo Hospital and Xiamen Bank 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 Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Xiamen Bank.
Diversification Opportunities for Sanbo Hospital and Xiamen Bank
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sanbo and Xiamen is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank 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 Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Xiamen Bank go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Xiamen Bank
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Xiamen Bank. In addition to that, Sanbo Hospital is 2.68 times more volatile than Xiamen Bank Co. It trades about -0.12 of its total potential returns per unit of risk. Xiamen Bank Co is currently generating about -0.13 per unit of volatility. If you would invest 563.00 in Xiamen Bank Co on October 12, 2024 and sell it today you would lose (24.00) from holding Xiamen Bank Co or give up 4.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Xiamen Bank Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Xiamen Bank |
Sanbo Hospital and Xiamen Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Xiamen Bank
The main advantage of trading using opposite Sanbo Hospital and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.| Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Northern United Publishing | Sanbo Hospital vs. GRIPM Advanced Materials | Sanbo Hospital vs. Duzhe Publishing Media |
| Xiamen Bank vs. HUAQIN TECHNOLOGY LTD | Xiamen Bank vs. Smartgiant Technology Co | Xiamen Bank vs. Sharetronic Data Technology | Xiamen Bank vs. Montage Technology 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |