Correlation Between Anhui Huaren and Sanbo Hospital
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By analyzing existing cross correlation between Anhui Huaren Health and Sanbo Hospital Management, you can compare the effects of market volatilities on Anhui Huaren and Sanbo Hospital 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 Anhui Huaren with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Huaren and Sanbo Hospital.
Diversification Opportunities for Anhui Huaren and Sanbo Hospital
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and Sanbo is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Huaren Health and Sanbo Hospital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sanbo Hospital Management and Anhui Huaren 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 Anhui Huaren Health are associated (or correlated) with Sanbo Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sanbo Hospital Management has no effect on the direction of Anhui Huaren i.e., Anhui Huaren and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Anhui Huaren and Sanbo Hospital
Assuming the 90 days trading horizon Anhui Huaren is expected to generate 1.78 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, Anhui Huaren Health is 1.02 times less risky than Sanbo Hospital. It trades about 0.1 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 3,217 in Sanbo Hospital Management on August 29, 2024 and sell it today you would earn a total of 1,478 from holding Sanbo Hospital Management or generate 45.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Huaren Health vs. Sanbo Hospital Management
Performance |
| Timeline |
| Anhui Huaren Health |
| Sanbo Hospital Management |
Anhui Huaren and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Huaren and Sanbo Hospital
The main advantage of trading using opposite Anhui Huaren and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Huaren position performs unexpectedly, Sanbo Hospital 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 Sanbo Hospital will offset losses from the drop in Sanbo Hospital's long position.| Anhui Huaren vs. PetroChina Co Ltd | Anhui Huaren vs. China Mobile Limited | Anhui Huaren vs. Ping An Insurance | Anhui Huaren vs. China Petroleum Chemical |
| Sanbo Hospital vs. Industrial and Commercial | Sanbo Hospital vs. China Construction Bank | Sanbo Hospital vs. Agricultural Bank of | Sanbo Hospital vs. Bank of China |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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