Correlation Between Songz Automobile and Sanbo Hospital
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By analyzing existing cross correlation between Songz Automobile Air and Sanbo Hospital Management, you can compare the effects of market volatilities on Songz Automobile 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 Songz Automobile with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Songz Automobile and Sanbo Hospital.
Diversification Opportunities for Songz Automobile and Sanbo Hospital
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Songz and Sanbo is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Songz Automobile Air 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 Songz Automobile 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 Songz Automobile Air 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 Songz Automobile i.e., Songz Automobile and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Songz Automobile and Sanbo Hospital
Assuming the 90 days trading horizon Songz Automobile is expected to generate 19.54 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, Songz Automobile Air is 1.74 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 0.06 of returns per unit of risk over similar time horizon. If you would invest 4,630 in Sanbo Hospital Management on November 19, 2024 and sell it today you would earn a total of 411.00 from holding Sanbo Hospital Management or generate 8.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Songz Automobile Air vs. Sanbo Hospital Management
Performance |
Timeline |
Songz Automobile Air |
Sanbo Hospital Management |
Songz Automobile and Sanbo Hospital Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Songz Automobile and Sanbo Hospital
The main advantage of trading using opposite Songz Automobile and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Songz Automobile 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.Songz Automobile vs. Healthcare Co | ||
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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