Correlation Between CICC Fund and Sanbo Hospital
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By analyzing existing cross correlation between CICC Fund Management and Sanbo Hospital Management, you can compare the effects of market volatilities on CICC Fund 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 CICC Fund with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Sanbo Hospital.
Diversification Opportunities for CICC Fund and Sanbo Hospital
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CICC and Sanbo is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management 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 CICC Fund 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 CICC Fund Management 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 CICC Fund i.e., CICC Fund and Sanbo Hospital go up and down completely randomly.
Pair Corralation between CICC Fund and Sanbo Hospital
Assuming the 90 days trading horizon CICC Fund Management is expected to under-perform the Sanbo Hospital. But the stock apears to be less risky and, when comparing its historical volatility, CICC Fund Management is 5.4 times less risky than Sanbo Hospital. The stock trades about -0.02 of its potential returns per unit of risk. The Sanbo Hospital Management is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 3,186 in Sanbo Hospital Management on September 2, 2024 and sell it today you would earn a total of 1,534 from holding Sanbo Hospital Management or generate 48.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Sanbo Hospital Management
Performance |
| Timeline |
| CICC Fund Management |
| Sanbo Hospital Management |
CICC Fund and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Sanbo Hospital
The main advantage of trading using opposite CICC Fund and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund 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.| CICC Fund vs. Easyhome New Retail | CICC Fund vs. Huaxia Fund Management | CICC Fund vs. Shanghai CEO Environmental | CICC Fund vs. Guangzhou Zhujiang Brewery |
| Sanbo Hospital vs. Shanghai Rongtai Health | Sanbo Hospital vs. Tsingtao Brewery Co | Sanbo Hospital vs. Dezhan HealthCare Co | Sanbo Hospital vs. Meinian Onehealth Healthcare |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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