Correlation Between Hangzhou Arcvideo and Sanbo Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hangzhou Arcvideo Technology and Sanbo Hospital Management, you can compare the effects of market volatilities on Hangzhou Arcvideo 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 Hangzhou Arcvideo with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Arcvideo and Sanbo Hospital.
Diversification Opportunities for Hangzhou Arcvideo and Sanbo Hospital
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hangzhou and Sanbo is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Arcvideo Technology 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 Hangzhou Arcvideo 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 Hangzhou Arcvideo Technology 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 Hangzhou Arcvideo i.e., Hangzhou Arcvideo and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Hangzhou Arcvideo and Sanbo Hospital
Assuming the 90 days trading horizon Hangzhou Arcvideo Technology is expected to generate 1.29 times more return on investment than Sanbo Hospital. However, Hangzhou Arcvideo is 1.29 times more volatile than Sanbo Hospital Management. 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 2,976 in Hangzhou Arcvideo Technology on October 30, 2024 and sell it today you would lose (241.00) from holding Hangzhou Arcvideo Technology or give up 8.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Arcvideo Technology vs. Sanbo Hospital Management
Performance |
| Timeline |
| Hangzhou Arcvideo |
| Sanbo Hospital Management |
Hangzhou Arcvideo and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Arcvideo and Sanbo Hospital
The main advantage of trading using opposite Hangzhou Arcvideo and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Arcvideo 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.| Hangzhou Arcvideo vs. Industrial and Commercial | Hangzhou Arcvideo vs. Agricultural Bank of | Hangzhou Arcvideo vs. China Construction Bank | Hangzhou Arcvideo vs. Bank of China |
| 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stocks Directory Find actively traded stocks across global markets | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |