Correlation Between China Construction and Sanbo Hospital
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By analyzing existing cross correlation between China Construction Bank and Sanbo Hospital Management, you can compare the effects of market volatilities on China Construction 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 China Construction with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Construction and Sanbo Hospital.
Diversification Opportunities for China Construction and Sanbo Hospital
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Sanbo is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding China Construction Bank 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 China Construction 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 China Construction Bank 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 China Construction i.e., China Construction and Sanbo Hospital go up and down completely randomly.
Pair Corralation between China Construction and Sanbo Hospital
Assuming the 90 days trading horizon China Construction Bank is expected to generate 0.33 times more return on investment than Sanbo Hospital. However, China Construction Bank is 3.01 times less risky than Sanbo Hospital. It trades about 0.08 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about -0.02 per unit of risk. If you would invest 808.00 in China Construction Bank on November 2, 2024 and sell it today you would earn a total of 46.00 from holding China Construction Bank or generate 5.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Construction Bank vs. Sanbo Hospital Management
Performance |
| Timeline |
| China Construction Bank |
| Sanbo Hospital Management |
China Construction and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Construction and Sanbo Hospital
The main advantage of trading using opposite China Construction and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Construction 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.| China Construction vs. Guangdong Liantai Environmental | China Construction vs. Shenzhen MYS Environmental | China Construction vs. Baoshan Iron Steel | China Construction vs. Holitech Technology Co |
| Sanbo Hospital vs. Qilu Bank Co | Sanbo Hospital vs. Agricultural Bank of | Sanbo Hospital vs. Ningbo Tech Bank Co | Sanbo Hospital vs. JuneYao Dairy 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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