Correlation Between Postal Savings and Sino Medical
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By analyzing existing cross correlation between Postal Savings Bank and Sino Medical Sciences, you can compare the effects of market volatilities on Postal Savings and Sino Medical 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 Postal Savings with a short position of Sino Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and Sino Medical.
Diversification Opportunities for Postal Savings and Sino Medical
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Postal and Sino is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and Sino Medical Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Medical Sciences and Postal Savings 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 Postal Savings Bank are associated (or correlated) with Sino Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Medical Sciences has no effect on the direction of Postal Savings i.e., Postal Savings and Sino Medical go up and down completely randomly.
Pair Corralation between Postal Savings and Sino Medical
Assuming the 90 days trading horizon Postal Savings Bank is expected to generate 0.38 times more return on investment than Sino Medical. However, Postal Savings Bank is 2.65 times less risky than Sino Medical. It trades about 0.06 of its potential returns per unit of risk. Sino Medical Sciences is currently generating about 0.0 per unit of risk. If you would invest 445.00 in Postal Savings Bank on August 24, 2024 and sell it today you would earn a total of 85.00 from holding Postal Savings Bank or generate 19.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. Sino Medical Sciences
Performance |
| Timeline |
| Postal Savings Bank |
| Sino Medical Sciences |
Postal Savings and Sino Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and Sino Medical
The main advantage of trading using opposite Postal Savings and Sino Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, Sino Medical 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 Sino Medical will offset losses from the drop in Sino Medical's long position.| Postal Savings vs. Sino Medical Sciences | Postal Savings vs. Guangdong Qunxing Toys | Postal Savings vs. Shaanxi Broadcast TV | Postal Savings vs. Double Medical Technology |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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