Correlation Between Sanbo Hospital and Sany Heavy
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By analyzing existing cross correlation between Sanbo Hospital Management and Sany Heavy Energy, you can compare the effects of market volatilities on Sanbo Hospital and Sany Heavy 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 Sany Heavy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Sany Heavy.
Diversification Opportunities for Sanbo Hospital and Sany Heavy
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sanbo and Sany is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Sany Heavy Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sany Heavy Energy 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 Sany Heavy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sany Heavy Energy has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Sany Heavy go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Sany Heavy
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 2.0 times more return on investment than Sany Heavy. However, Sanbo Hospital is 2.0 times more volatile than Sany Heavy Energy. It trades about 0.05 of its potential returns per unit of risk. Sany Heavy Energy is currently generating about 0.02 per unit of risk. If you would invest 2,960 in Sanbo Hospital Management on September 3, 2024 and sell it today you would earn a total of 1,760 from holding Sanbo Hospital Management or generate 59.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 80.92% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Sany Heavy Energy
Performance |
| Timeline |
| Sanbo Hospital Management |
| Sany Heavy Energy |
Sanbo Hospital and Sany Heavy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Sany Heavy
The main advantage of trading using opposite Sanbo Hospital and Sany Heavy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Sany Heavy 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 Sany Heavy will offset losses from the drop in Sany Heavy's long position.| Sanbo Hospital vs. Chengdu Kanghua Biological | Sanbo Hospital vs. Beijing Wantai Biological | Sanbo Hospital vs. Suzhou Novoprotein Scientific | Sanbo Hospital vs. Aluminum Corp of |
| Sany Heavy vs. Yindu Kitchen Equipment | Sany Heavy vs. Dalian Thermal Power | Sany Heavy vs. Shenyang Huitian Thermal | Sany Heavy vs. Beijing HuaYuanYiTong Thermal |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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