Correlation Between Sanbo Hospital and Jiangsu Phoenix
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By analyzing existing cross correlation between Sanbo Hospital Management and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Sanbo Hospital and Jiangsu Phoenix 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 Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Jiangsu Phoenix.
Diversification Opportunities for Sanbo Hospital and Jiangsu Phoenix
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sanbo and Jiangsu is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Jiangsu Phoenix
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.8 times more return on investment than Jiangsu Phoenix. However, Sanbo Hospital is 1.8 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.04 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about -0.13 per unit of risk. If you would invest 4,544 in Sanbo Hospital Management on September 3, 2024 and sell it today you would earn a total of 176.00 from holding Sanbo Hospital Management or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Sanbo Hospital Management |
| Jiangsu Phoenix Publ |
Sanbo Hospital and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Jiangsu Phoenix
The main advantage of trading using opposite Sanbo Hospital and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix'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 |
| Jiangsu Phoenix vs. China Railway Materials | Jiangsu Phoenix vs. Eastroc Beverage Group | Jiangsu Phoenix vs. Jiangnan Mould Plastic | Jiangsu Phoenix vs. Ligao Foods CoLtd |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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