Correlation Between Sanbo Hospital and Biwin Storage
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By analyzing existing cross correlation between Sanbo Hospital Management and Biwin Storage Technology, you can compare the effects of market volatilities on Sanbo Hospital and Biwin Storage 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 Biwin Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Biwin Storage.
Diversification Opportunities for Sanbo Hospital and Biwin Storage
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Biwin is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Biwin Storage Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biwin Storage Technology 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 Biwin Storage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biwin Storage Technology has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Biwin Storage go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Biwin Storage
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Biwin Storage. In addition to that, Sanbo Hospital is 1.06 times more volatile than Biwin Storage Technology. It trades about -0.03 of its total potential returns per unit of risk. Biwin Storage Technology is currently generating about 0.01 per unit of volatility. If you would invest 5,977 in Biwin Storage Technology on October 30, 2024 and sell it today you would lose (27.00) from holding Biwin Storage Technology or give up 0.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Biwin Storage Technology
Performance |
| Timeline |
| Sanbo Hospital Management |
| Biwin Storage Technology |
Sanbo Hospital and Biwin Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Biwin Storage
The main advantage of trading using opposite Sanbo Hospital and Biwin Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Biwin Storage 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 Biwin Storage will offset losses from the drop in Biwin Storage's long position.| Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of Communications |
| Biwin Storage vs. Xiandai Investment Co | Biwin Storage vs. Jiangsu Yueda Investment | Biwin Storage vs. Tieling Newcity Investment | Biwin Storage vs. Jointo Energy 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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