Correlation Between Sanbo Hospital and Fujian Anjoy
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By analyzing existing cross correlation between Sanbo Hospital Management and Fujian Anjoy Foods, you can compare the effects of market volatilities on Sanbo Hospital and Fujian Anjoy 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 Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Fujian Anjoy.
Diversification Opportunities for Sanbo Hospital and Fujian Anjoy
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Fujian is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods 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 Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Fujian Anjoy
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.21 times more return on investment than Fujian Anjoy. However, Sanbo Hospital is 1.21 times more volatile than Fujian Anjoy Foods. It trades about 0.19 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about 0.13 per unit of risk. If you would invest 3,152 in Sanbo Hospital Management on September 12, 2024 and sell it today you would earn a total of 1,728 from holding Sanbo Hospital Management or generate 54.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Sanbo Hospital Management |
| Fujian Anjoy Foods |
Sanbo Hospital and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Fujian Anjoy
The main advantage of trading using opposite Sanbo Hospital and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy'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 |
| Fujian Anjoy vs. Nanjing Putian Telecommunications | Fujian Anjoy vs. Tianjin Realty Development | Fujian Anjoy vs. Kangyue Technology Co | Fujian Anjoy vs. Shenzhen Hifuture Electric |
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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