Correlation Between Shandong Homey and Sanbo Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Homey Aquatic and Sanbo Hospital Management, you can compare the effects of market volatilities on Shandong Homey 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 Shandong Homey with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Homey and Sanbo Hospital.
Diversification Opportunities for Shandong Homey and Sanbo Hospital
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shandong and Sanbo is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Homey Aquatic 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 Shandong Homey 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 Shandong Homey Aquatic 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 Shandong Homey i.e., Shandong Homey and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Shandong Homey and Sanbo Hospital
Assuming the 90 days trading horizon Shandong Homey Aquatic is expected to generate 1.04 times more return on investment than Sanbo Hospital. However, Shandong Homey is 1.04 times more volatile than Sanbo Hospital Management. It trades about 0.3 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about -0.11 per unit of risk. If you would invest 246.00 in Shandong Homey Aquatic on September 14, 2024 and sell it today you would earn a total of 61.00 from holding Shandong Homey Aquatic or generate 24.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Homey Aquatic vs. Sanbo Hospital Management
Performance |
| Timeline |
| Shandong Homey Aquatic |
| Sanbo Hospital Management |
Shandong Homey and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Homey and Sanbo Hospital
The main advantage of trading using opposite Shandong Homey and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Homey 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.| Shandong Homey vs. Nanjing Putian Telecommunications | Shandong Homey vs. Tianjin Realty Development | Shandong Homey vs. Kangyue Technology Co | Shandong Homey vs. Shenzhen Hifuture Electric |
| 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |