Correlation Between Sanbo Hospital and Industrial
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By analyzing existing cross correlation between Sanbo Hospital Management and Industrial and Commercial, you can compare the effects of market volatilities on Sanbo Hospital and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Industrial.
Diversification Opportunities for Sanbo Hospital and Industrial
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Industrial is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Industrial go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Industrial
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 1.32 times less return on investment than Industrial. In addition to that, Sanbo Hospital is 3.69 times more volatile than Industrial and Commercial. It trades about 0.09 of its total potential returns per unit of risk. Industrial and Commercial is currently generating about 0.42 per unit of volatility. If you would invest 607.00 in Industrial and Commercial on September 25, 2024 and sell it today you would earn a total of 63.00 from holding Industrial and Commercial or generate 10.38% 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. Industrial and Commercial
Performance |
Timeline |
Sanbo Hospital Management |
Industrial and Commercial |
Sanbo Hospital and Industrial Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sanbo Hospital and Industrial
The main advantage of trading using opposite Sanbo Hospital and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.Sanbo Hospital vs. China Longyuan Power | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Guangxi Guiguan Electric |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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