Correlation Between Sanbo Hospital and BeiGene
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By analyzing existing cross correlation between Sanbo Hospital Management and BeiGene, you can compare the effects of market volatilities on Sanbo Hospital and BeiGene 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 BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and BeiGene.
Diversification Opportunities for Sanbo Hospital and BeiGene
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and BeiGene is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene 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 BeiGene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BeiGene has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and BeiGene go up and down completely randomly.
Pair Corralation between Sanbo Hospital and BeiGene
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.6 times more return on investment than BeiGene. However, Sanbo Hospital is 1.6 times more volatile than BeiGene. It trades about 0.05 of its potential returns per unit of risk. BeiGene is currently generating about 0.03 per unit of risk. If you would invest 2,960 in Sanbo Hospital Management on September 12, 2024 and sell it today you would earn a total of 2,016 from holding Sanbo Hospital Management or generate 68.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 82.35% |
| Values | Daily Returns |
Sanbo Hospital Management vs. BeiGene
Performance |
| Timeline |
| Sanbo Hospital Management |
| BeiGene |
Sanbo Hospital and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and BeiGene
The main advantage of trading using opposite Sanbo Hospital and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, BeiGene 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 BeiGene will offset losses from the drop in BeiGene's long position.| Sanbo Hospital vs. Cultural Investment Holdings | Sanbo Hospital vs. Gome Telecom Equipment | Sanbo Hospital vs. Holitech Technology Co | Sanbo Hospital vs. Zotye Automobile Co |
| BeiGene vs. Touchstone International Medical | BeiGene vs. Guizhou BroadcastingTV Info | BeiGene vs. Zhengping RoadBridge Constr | BeiGene vs. Hubeiyichang Transportation 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 Stocks Directory module to find actively traded stocks across global markets.
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