Correlation Between Suzhou Xingye and Sanbo Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suzhou Xingye Material and Sanbo Hospital Management, you can compare the effects of market volatilities on Suzhou Xingye 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 Suzhou Xingye with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Xingye and Sanbo Hospital.
Diversification Opportunities for Suzhou Xingye and Sanbo Hospital
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Sanbo is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Xingye Material 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 Suzhou Xingye 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 Suzhou Xingye Material 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 Suzhou Xingye i.e., Suzhou Xingye and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Suzhou Xingye and Sanbo Hospital
Assuming the 90 days trading horizon Suzhou Xingye Material is expected to generate 0.83 times more return on investment than Sanbo Hospital. However, Suzhou Xingye Material is 1.21 times less risky than Sanbo Hospital. It trades about 0.13 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.09 per unit of risk. If you would invest 846.00 in Suzhou Xingye Material on August 28, 2024 and sell it today you would earn a total of 79.00 from holding Suzhou Xingye Material or generate 9.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Xingye Material vs. Sanbo Hospital Management
Performance |
| Timeline |
| Suzhou Xingye Material |
| Sanbo Hospital Management |
Suzhou Xingye and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Xingye and Sanbo Hospital
The main advantage of trading using opposite Suzhou Xingye and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Xingye 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.| Suzhou Xingye vs. Guosheng Financial Holding | Suzhou Xingye vs. Industrial Bank Co | Suzhou Xingye vs. HeBei Jinniu Chemical | Suzhou Xingye vs. Jilin Chemical Fibre |
| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |