Correlation Between Sanbo Hospital and PetroChina
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By analyzing existing cross correlation between Sanbo Hospital Management and PetroChina Co Ltd, you can compare the effects of market volatilities on Sanbo Hospital and PetroChina 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 PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and PetroChina.
Diversification Opportunities for Sanbo Hospital and PetroChina
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sanbo and PetroChina is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina 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 PetroChina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetroChina has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and PetroChina go up and down completely randomly.
Pair Corralation between Sanbo Hospital and PetroChina
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.9 times more return on investment than PetroChina. However, Sanbo Hospital is 1.9 times more volatile than PetroChina Co Ltd. It trades about 0.18 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.05 per unit of risk. If you would invest 3,210 in Sanbo Hospital Management on September 3, 2024 and sell it today you would earn a total of 1,510 from holding Sanbo Hospital Management or generate 47.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. PetroChina Co Ltd
Performance |
| Timeline |
| Sanbo Hospital Management |
| PetroChina |
Sanbo Hospital and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and PetroChina
The main advantage of trading using opposite Sanbo Hospital and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, PetroChina 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 PetroChina will offset losses from the drop in PetroChina's long position.| Sanbo Hospital vs. Chengdu Kanghua Biological | Sanbo Hospital vs. Beijing Wantai Biological | Sanbo Hospital vs. Suzhou Novoprotein Scientific | Sanbo Hospital vs. Aluminum Corp of |
| PetroChina vs. China Express Airlines | PetroChina vs. Xinhua Winshare Publishing | PetroChina vs. Jinhui Liquor Co | PetroChina vs. Beijing Kaiwen Education |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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