Correlation Between Sanbo Hospital and Yunnan Jianzhijia
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By analyzing existing cross correlation between Sanbo Hospital Management and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Sanbo Hospital and Yunnan Jianzhijia 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 Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Yunnan Jianzhijia.
Diversification Opportunities for Sanbo Hospital and Yunnan Jianzhijia
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sanbo and Yunnan is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia 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 Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Yunnan Jianzhijia
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 2.21 times less return on investment than Yunnan Jianzhijia. But when comparing it to its historical volatility, Sanbo Hospital Management is 1.19 times less risky than Yunnan Jianzhijia. It trades about 0.09 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 2,266 in Yunnan Jianzhijia Health Chain on August 28, 2024 and sell it today you would earn a total of 368.00 from holding Yunnan Jianzhijia Health Chain or generate 16.24% 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. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Sanbo Hospital Management |
| Yunnan Jianzhijia |
Sanbo Hospital and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Yunnan Jianzhijia
The main advantage of trading using opposite Sanbo Hospital and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
| Yunnan Jianzhijia vs. Ming Yang Smart | Yunnan Jianzhijia vs. 159681 | Yunnan Jianzhijia vs. 159005 | Yunnan Jianzhijia vs. Loctek Ergonomic Technology |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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