Correlation Between Sanbo Hospital and Healthcare
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By analyzing existing cross correlation between Sanbo Hospital Management and Healthcare Co, you can compare the effects of market volatilities on Sanbo Hospital and Healthcare 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 Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Healthcare.
Diversification Opportunities for Sanbo Hospital and Healthcare
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Healthcare is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Healthcare 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 Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Healthcare has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Healthcare go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Healthcare
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.67 times more return on investment than Healthcare. However, Sanbo Hospital is 1.67 times more volatile than Healthcare Co. It trades about -0.14 of its potential returns per unit of risk. Healthcare Co is currently generating about -0.43 per unit of risk. If you would invest 4,815 in Sanbo Hospital Management on October 13, 2024 and sell it today you would lose (655.00) from holding Sanbo Hospital Management or give up 13.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Healthcare Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Healthcare |
Sanbo Hospital and Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Healthcare
The main advantage of trading using opposite Sanbo Hospital and Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Healthcare 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 Healthcare will offset losses from the drop in Healthcare's long position.| Sanbo Hospital vs. Kangxin New Materials | Sanbo Hospital vs. Allwin Telecommunication Co | Sanbo Hospital vs. Jiangnan Mould Plastic | Sanbo Hospital vs. GRIPM Advanced Materials |
| Healthcare vs. Sanbo Hospital Management | Healthcare vs. Innovative Medical Management | Healthcare vs. Heren Health Co | Healthcare vs. Everjoy Health Group |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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