Correlation Between Tsingtao Brewery and Sanbo Hospital
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By analyzing existing cross correlation between Tsingtao Brewery Co and Sanbo Hospital Management, you can compare the effects of market volatilities on Tsingtao Brewery 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 Tsingtao Brewery with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and Sanbo Hospital.
Diversification Opportunities for Tsingtao Brewery and Sanbo Hospital
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tsingtao and Sanbo is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery 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 Tsingtao Brewery 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 Tsingtao Brewery 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 Tsingtao Brewery i.e., Tsingtao Brewery and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and Sanbo Hospital
Assuming the 90 days trading horizon Tsingtao Brewery is expected to generate 1.43 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, Tsingtao Brewery Co is 1.59 times less risky than Sanbo Hospital. It trades about 0.01 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 4,919 in Sanbo Hospital Management on September 2, 2024 and sell it today you would lose (199.00) from holding Sanbo Hospital Management or give up 4.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tsingtao Brewery Co vs. Sanbo Hospital Management
Performance |
| Timeline |
| Tsingtao Brewery |
| Sanbo Hospital Management |
Tsingtao Brewery and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and Sanbo Hospital
The main advantage of trading using opposite Tsingtao Brewery and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery 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.| Tsingtao Brewery vs. Guangdong Qunxing Toys | Tsingtao Brewery vs. Miracll Chemicals Co | Tsingtao Brewery vs. Ningxia Younglight Chemicals | Tsingtao Brewery vs. Shandong Polymer Biochemicals |
| 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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