Correlation Between Sanbo Hospital and ROPEOK Technology
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By analyzing existing cross correlation between Sanbo Hospital Management and ROPEOK Technology Group, you can compare the effects of market volatilities on Sanbo Hospital and ROPEOK Technology 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 ROPEOK Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and ROPEOK Technology.
Diversification Opportunities for Sanbo Hospital and ROPEOK Technology
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and ROPEOK is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and ROPEOK Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ROPEOK 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 ROPEOK Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ROPEOK Technology has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and ROPEOK Technology go up and down completely randomly.
Pair Corralation between Sanbo Hospital and ROPEOK Technology
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.18 times more return on investment than ROPEOK Technology. However, Sanbo Hospital is 1.18 times more volatile than ROPEOK Technology Group. It trades about -0.18 of its potential returns per unit of risk. ROPEOK Technology Group is currently generating about -0.27 per unit of risk. If you would invest 4,938 in Sanbo Hospital Management on October 15, 2024 and sell it today you would lose (778.00) from holding Sanbo Hospital Management or give up 15.76% 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. ROPEOK Technology Group
Performance |
| Timeline |
| Sanbo Hospital Management |
| ROPEOK Technology |
Sanbo Hospital and ROPEOK Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and ROPEOK Technology
The main advantage of trading using opposite Sanbo Hospital and ROPEOK Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, ROPEOK Technology 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 ROPEOK Technology will offset losses from the drop in ROPEOK Technology's long position.| Sanbo Hospital vs. Shenyang Blue Silver | Sanbo Hospital vs. Uroica Mining Safety | Sanbo Hospital vs. Zhangjiagang Freetrade Science | Sanbo Hospital vs. Tibet Huayu Mining |
| ROPEOK Technology vs. Dezhan HealthCare Co | ROPEOK Technology vs. Sanbo Hospital Management | ROPEOK Technology vs. Healthcare Co | ROPEOK Technology vs. China Reform Health |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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