Correlation Between State Grid and Sanbo Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between State Grid InformationCommunication and Sanbo Hospital Management, you can compare the effects of market volatilities on State Grid 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 State Grid with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Grid and Sanbo Hospital.
Diversification Opportunities for State Grid and Sanbo Hospital
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between State and Sanbo is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding State Grid InformationCommunic 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 State Grid 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 State Grid InformationCommunication 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 State Grid i.e., State Grid and Sanbo Hospital go up and down completely randomly.
Pair Corralation between State Grid and Sanbo Hospital
Assuming the 90 days trading horizon State Grid InformationCommunication is expected to generate 0.84 times more return on investment than Sanbo Hospital. However, State Grid InformationCommunication is 1.19 times less risky than Sanbo Hospital. It trades about -0.12 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about -0.16 per unit of risk. If you would invest 2,355 in State Grid InformationCommunication on September 13, 2024 and sell it today you would lose (201.00) from holding State Grid InformationCommunication or give up 8.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
State Grid InformationCommunic vs. Sanbo Hospital Management
Performance |
| Timeline |
| State Grid Informati |
| Sanbo Hospital Management |
State Grid and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Grid and Sanbo Hospital
The main advantage of trading using opposite State Grid and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Grid 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.| State Grid vs. Jiangsu Yanghe Brewery | State Grid vs. Harbin Air Conditioning | State Grid vs. Eastern Air Logistics | State Grid vs. Tsingtao Brewery Co |
| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |