Correlation Between Ningbo Jintian and Sanbo Hospital
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By analyzing existing cross correlation between Ningbo Jintian Copper and Sanbo Hospital Management, you can compare the effects of market volatilities on Ningbo Jintian 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 Ningbo Jintian with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Sanbo Hospital.
Diversification Opportunities for Ningbo Jintian and Sanbo Hospital
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Sanbo is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper 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 Ningbo Jintian 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 Ningbo Jintian Copper 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 Ningbo Jintian i.e., Ningbo Jintian and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Sanbo Hospital
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to generate 0.83 times more return on investment than Sanbo Hospital. However, Ningbo Jintian Copper is 1.21 times less risky than Sanbo Hospital. It trades about 0.03 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about -0.03 per unit of risk. If you would invest 598.00 in Ningbo Jintian Copper on October 30, 2024 and sell it today you would earn a total of 11.00 from holding Ningbo Jintian Copper or generate 1.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Sanbo Hospital Management
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Sanbo Hospital Management |
Ningbo Jintian and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Sanbo Hospital
The main advantage of trading using opposite Ningbo Jintian and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian 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.| Ningbo Jintian vs. Anhui Transport Consulting | Ningbo Jintian vs. Road Environment Technology | Ningbo Jintian vs. Kidswant Children Products | Ningbo Jintian vs. Guangdong Qunxing Toys |
| Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of Communications |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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