Correlation Between Sanbo Hospital and GRINM Semiconductor
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By analyzing existing cross correlation between Sanbo Hospital Management and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Sanbo Hospital and GRINM Semiconductor 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 GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and GRINM Semiconductor.
Diversification Opportunities for Sanbo Hospital and GRINM Semiconductor
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and GRINM is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor 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 GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Sanbo Hospital and GRINM Semiconductor
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 2.11 times more return on investment than GRINM Semiconductor. However, Sanbo Hospital is 2.11 times more volatile than GRINM Semiconductor Materials. It trades about -0.16 of its potential returns per unit of risk. GRINM Semiconductor Materials is currently generating about -0.39 per unit of risk. If you would invest 4,938 in Sanbo Hospital Management on October 16, 2024 and sell it today you would lose (710.00) from holding Sanbo Hospital Management or give up 14.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. GRINM Semiconductor Materials
Performance |
| Timeline |
| Sanbo Hospital Management |
| GRINM Semiconductor |
Sanbo Hospital and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and GRINM Semiconductor
The main advantage of trading using opposite Sanbo Hospital and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.| Sanbo Hospital vs. Ningbo Jintian Copper | Sanbo Hospital vs. Xinjiang Baodi Mining | Sanbo Hospital vs. Nanjing OLO Home | Sanbo Hospital vs. Hangzhou Arcvideo Technology |
| GRINM Semiconductor vs. Xiandai Investment Co | GRINM Semiconductor vs. Shanghai Material Trading | GRINM Semiconductor vs. Wintao Communications Co | GRINM Semiconductor vs. Zhongrun Resources Investment |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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