Correlation Between Sanbo Hospital and Shanghai CEO
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By analyzing existing cross correlation between Sanbo Hospital Management and Shanghai CEO Environmental, you can compare the effects of market volatilities on Sanbo Hospital and Shanghai CEO 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 Shanghai CEO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Shanghai CEO.
Diversification Opportunities for Sanbo Hospital and Shanghai CEO
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Shanghai is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Shanghai CEO Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai CEO Environ 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 Shanghai CEO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai CEO Environ has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Shanghai CEO go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Shanghai CEO
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.16 times more return on investment than Shanghai CEO. However, Sanbo Hospital is 1.16 times more volatile than Shanghai CEO Environmental. It trades about 0.01 of its potential returns per unit of risk. Shanghai CEO Environmental is currently generating about -0.02 per unit of risk. If you would invest 4,827 in Sanbo Hospital Management on August 25, 2024 and sell it today you would lose (426.00) from holding Sanbo Hospital Management or give up 8.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Shanghai CEO Environmental
Performance |
| Timeline |
| Sanbo Hospital Management |
| Shanghai CEO Environ |
Sanbo Hospital and Shanghai CEO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Shanghai CEO
The main advantage of trading using opposite Sanbo Hospital and Shanghai CEO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Shanghai CEO 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 Shanghai CEO will offset losses from the drop in Shanghai CEO's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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