Correlation Between Sany Heavy and Sanbo Hospital
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By analyzing existing cross correlation between Sany Heavy Energy and Sanbo Hospital Management, you can compare the effects of market volatilities on Sany Heavy 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 Sany Heavy with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sany Heavy and Sanbo Hospital.
Diversification Opportunities for Sany Heavy and Sanbo Hospital
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sany and Sanbo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sany Heavy Energy 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 Sany Heavy 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 Sany Heavy Energy 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 Sany Heavy i.e., Sany Heavy and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Sany Heavy and Sanbo Hospital
If you would invest 3,210 in Sanbo Hospital Management on September 3, 2024 and sell it today you would earn a total of 1,510 from holding Sanbo Hospital Management or generate 47.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Sany Heavy Energy vs. Sanbo Hospital Management
Performance |
| Timeline |
| Sany Heavy Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Sanbo Hospital Management |
Sany Heavy and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sany Heavy and Sanbo Hospital
The main advantage of trading using opposite Sany Heavy and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sany Heavy 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.| Sany Heavy vs. Yindu Kitchen Equipment | Sany Heavy vs. Dalian Thermal Power | Sany Heavy vs. Shenyang Huitian Thermal | Sany Heavy vs. Beijing HuaYuanYiTong Thermal |
| Sanbo Hospital vs. Chengdu Kanghua Biological | Sanbo Hospital vs. Beijing Wantai Biological | Sanbo Hospital vs. Suzhou Novoprotein Scientific | Sanbo Hospital vs. Aluminum Corp of |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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