Correlation Between Sanbo Hospital and Suzhou Douson
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By analyzing existing cross correlation between Sanbo Hospital Management and Suzhou Douson Drilling, you can compare the effects of market volatilities on Sanbo Hospital and Suzhou Douson 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 Suzhou Douson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Suzhou Douson.
Diversification Opportunities for Sanbo Hospital and Suzhou Douson
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sanbo and Suzhou is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Suzhou Douson Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Douson Drilling 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 Suzhou Douson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Douson Drilling has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Suzhou Douson go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Suzhou Douson
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 4.53 times less return on investment than Suzhou Douson. In addition to that, Sanbo Hospital is 1.07 times more volatile than Suzhou Douson Drilling. It trades about 0.05 of its total potential returns per unit of risk. Suzhou Douson Drilling is currently generating about 0.22 per unit of volatility. If you would invest 2,156 in Suzhou Douson Drilling on September 27, 2024 and sell it today you would earn a total of 397.00 from holding Suzhou Douson Drilling or generate 18.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Suzhou Douson Drilling
Performance |
| Timeline |
| Sanbo Hospital Management |
| Suzhou Douson Drilling |
Sanbo Hospital and Suzhou Douson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Suzhou Douson
The main advantage of trading using opposite Sanbo Hospital and Suzhou Douson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Suzhou Douson 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 Suzhou Douson will offset losses from the drop in Suzhou Douson's long position.| Sanbo Hospital vs. HeBei Jinniu Chemical | Sanbo Hospital vs. Aofu Environmental Technology | Sanbo Hospital vs. Tongxing Environmental Protection | Sanbo Hospital vs. Ningxia Younglight Chemicals |
| Suzhou Douson vs. Guangzhou Ruoyuchen Information | Suzhou Douson vs. Sanbo Hospital Management | Suzhou Douson vs. AVCON Information Tech | Suzhou Douson vs. Innovative Medical Management |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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