Correlation Between Sanbo Hospital and Xiangyu Medical
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By analyzing existing cross correlation between Sanbo Hospital Management and Xiangyu Medical Co, you can compare the effects of market volatilities on Sanbo Hospital and Xiangyu Medical 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 Xiangyu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Xiangyu Medical.
Diversification Opportunities for Sanbo Hospital and Xiangyu Medical
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Xiangyu is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Xiangyu Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyu Medical 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 Xiangyu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyu Medical has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Xiangyu Medical go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Xiangyu Medical
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Xiangyu Medical. In addition to that, Sanbo Hospital is 1.04 times more volatile than Xiangyu Medical Co. It trades about -0.18 of its total potential returns per unit of risk. Xiangyu Medical Co is currently generating about -0.03 per unit of volatility. If you would invest 3,572 in Xiangyu Medical Co on September 12, 2024 and sell it today you would lose (134.00) from holding Xiangyu Medical Co or give up 3.75% 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. Xiangyu Medical Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Xiangyu Medical |
Sanbo Hospital and Xiangyu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Xiangyu Medical
The main advantage of trading using opposite Sanbo Hospital and Xiangyu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Xiangyu Medical 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 Xiangyu Medical will offset losses from the drop in Xiangyu Medical's long position.| Sanbo Hospital vs. Cultural Investment Holdings | Sanbo Hospital vs. Gome Telecom Equipment | Sanbo Hospital vs. Holitech Technology Co | Sanbo Hospital vs. Zotye Automobile Co |
| Xiangyu Medical vs. Cultural Investment Holdings | Xiangyu Medical vs. Gome Telecom Equipment | Xiangyu Medical vs. Holitech Technology Co | Xiangyu Medical vs. Zotye Automobile Co |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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