Correlation Between Zhengzhou Coal and Sanbo Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhengzhou Coal Mining and Sanbo Hospital Management, you can compare the effects of market volatilities on Zhengzhou Coal 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 Zhengzhou Coal with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhengzhou Coal and Sanbo Hospital.
Diversification Opportunities for Zhengzhou Coal and Sanbo Hospital
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Zhengzhou and Sanbo is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Zhengzhou Coal Mining 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 Zhengzhou Coal 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 Zhengzhou Coal Mining 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 Zhengzhou Coal i.e., Zhengzhou Coal and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Zhengzhou Coal and Sanbo Hospital
Assuming the 90 days trading horizon Zhengzhou Coal is expected to generate 1.19 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, Zhengzhou Coal Mining is 1.42 times less risky than Sanbo Hospital. It trades about 0.06 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,328 in Sanbo Hospital Management on November 1, 2024 and sell it today you would earn a total of 72.00 from holding Sanbo Hospital Management or generate 1.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhengzhou Coal Mining vs. Sanbo Hospital Management
Performance |
| Timeline |
| Zhengzhou Coal Mining |
| Sanbo Hospital Management |
Zhengzhou Coal and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhengzhou Coal and Sanbo Hospital
The main advantage of trading using opposite Zhengzhou Coal and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhengzhou Coal 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.| Zhengzhou Coal vs. Anhui Jianghuai Automobile | Zhengzhou Coal vs. Dongfeng Automobile Co | Zhengzhou Coal vs. Soyea Technology Co | Zhengzhou Coal vs. Songz Automobile Air |
| Sanbo Hospital vs. Xinjiang Baodi Mining | Sanbo Hospital vs. Oppein Home Group | Sanbo Hospital vs. Zhengzhou Coal Mining | Sanbo Hospital vs. UE Furniture Co |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |