Correlation Between GRIPM Advanced and Sanbo Hospital
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By analyzing existing cross correlation between GRIPM Advanced Materials and Sanbo Hospital Management, you can compare the effects of market volatilities on GRIPM Advanced 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 GRIPM Advanced with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIPM Advanced and Sanbo Hospital.
Diversification Opportunities for GRIPM Advanced and Sanbo Hospital
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GRIPM and Sanbo is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding GRIPM Advanced Materials 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 GRIPM Advanced 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 GRIPM Advanced Materials 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 GRIPM Advanced i.e., GRIPM Advanced and Sanbo Hospital go up and down completely randomly.
Pair Corralation between GRIPM Advanced and Sanbo Hospital
Assuming the 90 days trading horizon GRIPM Advanced is expected to generate 4.36 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, GRIPM Advanced Materials is 1.41 times less risky than Sanbo Hospital. It trades about 0.01 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,960 in Sanbo Hospital Management on October 27, 2024 and sell it today you would earn a total of 1,550 from holding Sanbo Hospital Management or generate 52.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 87.97% |
| Values | Daily Returns |
GRIPM Advanced Materials vs. Sanbo Hospital Management
Performance |
| Timeline |
| GRIPM Advanced Materials |
| Sanbo Hospital Management |
GRIPM Advanced and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIPM Advanced and Sanbo Hospital
The main advantage of trading using opposite GRIPM Advanced and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIPM Advanced 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.| GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Wanhua Chemical Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Shandong Gold Mining |
| 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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