Correlation Between Sanbo Hospital and Shandong Sinoglory
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By analyzing existing cross correlation between Sanbo Hospital Management and Shandong Sinoglory Health, you can compare the effects of market volatilities on Sanbo Hospital and Shandong Sinoglory 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 Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Shandong Sinoglory.
Diversification Opportunities for Sanbo Hospital and Shandong Sinoglory
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Shandong is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health 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 Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Shandong Sinoglory
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 1.09 times less return on investment than Shandong Sinoglory. In addition to that, Sanbo Hospital is 1.71 times more volatile than Shandong Sinoglory Health. It trades about 0.08 of its total potential returns per unit of risk. Shandong Sinoglory Health is currently generating about 0.15 per unit of volatility. If you would invest 1,168 in Shandong Sinoglory Health on September 1, 2024 and sell it today you would earn a total of 85.00 from holding Shandong Sinoglory Health or generate 7.28% 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. Shandong Sinoglory Health
Performance |
| Timeline |
| Sanbo Hospital Management |
| Shandong Sinoglory Health |
Sanbo Hospital and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Shandong Sinoglory
The main advantage of trading using opposite Sanbo Hospital and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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