Correlation Between Sanbo Hospital and Shenzhen Mindray
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By analyzing existing cross correlation between Sanbo Hospital Management and Shenzhen Mindray Bio Medical, you can compare the effects of market volatilities on Sanbo Hospital and Shenzhen Mindray 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 Sanbo Hospital with a short position of Shenzhen Mindray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Shenzhen Mindray.
Diversification Opportunities for Sanbo Hospital and Shenzhen Mindray
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Shenzhen is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Shenzhen Mindray Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Mindray Bio and Sanbo Hospital 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 Sanbo Hospital Management are associated (or correlated) with Shenzhen Mindray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Mindray Bio has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Shenzhen Mindray go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Shenzhen Mindray
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.95 times more return on investment than Shenzhen Mindray. However, Sanbo Hospital is 1.95 times more volatile than Shenzhen Mindray Bio Medical. It trades about 0.05 of its potential returns per unit of risk. Shenzhen Mindray Bio Medical is currently generating about -0.09 per unit of risk. If you would invest 4,540 in Sanbo Hospital Management on December 30, 2024 and sell it today you would earn a total of 270.00 from holding Sanbo Hospital Management or generate 5.95% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Sanbo Hospital Management vs. Shenzhen Mindray Bio Medical
Performance |
Timeline |
Sanbo Hospital Management |
Shenzhen Mindray Bio |
Sanbo Hospital and Shenzhen Mindray Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sanbo Hospital and Shenzhen Mindray
The main advantage of trading using opposite Sanbo Hospital and Shenzhen Mindray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Shenzhen Mindray 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 Shenzhen Mindray will offset losses from the drop in Shenzhen Mindray's long position.Sanbo Hospital vs. Anji Foodstuff Co | Sanbo Hospital vs. Namchow Food Group | Sanbo Hospital vs. Muyuan Foodstuff Co | Sanbo Hospital vs. Bright Dairy Food |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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