Correlation Between Chinese Universe and Sanbo Hospital
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By analyzing existing cross correlation between Chinese Universe Publishing and Sanbo Hospital Management, you can compare the effects of market volatilities on Chinese Universe 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 Chinese Universe with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chinese Universe and Sanbo Hospital.
Diversification Opportunities for Chinese Universe and Sanbo Hospital
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chinese and Sanbo is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Chinese Universe Publishing 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 Chinese Universe 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 Chinese Universe Publishing 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 Chinese Universe i.e., Chinese Universe and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Chinese Universe and Sanbo Hospital
Assuming the 90 days trading horizon Chinese Universe Publishing is expected to under-perform the Sanbo Hospital. But the stock apears to be less risky and, when comparing its historical volatility, Chinese Universe Publishing is 1.68 times less risky than Sanbo Hospital. The stock trades about -0.29 of its potential returns per unit of risk. The Sanbo Hospital Management is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 4,417 in Sanbo Hospital Management on August 28, 2024 and sell it today you would earn a total of 278.00 from holding Sanbo Hospital Management or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chinese Universe Publishing vs. Sanbo Hospital Management
Performance |
| Timeline |
| Chinese Universe Pub |
| Sanbo Hospital Management |
Chinese Universe and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chinese Universe and Sanbo Hospital
The main advantage of trading using opposite Chinese Universe and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chinese Universe 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.| Chinese Universe vs. China State Construction | Chinese Universe vs. Huafa Industrial Co | Chinese Universe vs. China International Capital | Chinese Universe vs. Kweichow Moutai Co |
| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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