Correlation Between Kweichow Moutai and Sanbo Hospital
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By analyzing existing cross correlation between Kweichow Moutai Co and Sanbo Hospital Management, you can compare the effects of market volatilities on Kweichow Moutai 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 Kweichow Moutai with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Sanbo Hospital.
Diversification Opportunities for Kweichow Moutai and Sanbo Hospital
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kweichow and Sanbo is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co 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 Kweichow Moutai 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 Kweichow Moutai Co 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 Kweichow Moutai i.e., Kweichow Moutai and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Sanbo Hospital
Assuming the 90 days trading horizon Kweichow Moutai is expected to generate 4.51 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, Kweichow Moutai Co is 1.56 times less risky than Sanbo Hospital. It trades about 0.07 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 3,200 in Sanbo Hospital Management on September 4, 2024 and sell it today you would earn a total of 1,736 from holding Sanbo Hospital Management or generate 54.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. Sanbo Hospital Management
Performance |
| Timeline |
| Kweichow Moutai |
| Sanbo Hospital Management |
Kweichow Moutai and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and Sanbo Hospital
The main advantage of trading using opposite Kweichow Moutai and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai 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.| Kweichow Moutai vs. Chengtun Mining Group | Kweichow Moutai vs. Chenzhou Jingui Silver | Kweichow Moutai vs. Guangdong Silvere Sci | Kweichow Moutai vs. Jinhui Mining Co |
| Sanbo Hospital vs. BeiGene | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. Beijing Roborock Technology | Sanbo Hospital vs. G bits Network 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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