Correlation Between Sanbo Hospital and Tinavi Medical
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By analyzing existing cross correlation between Sanbo Hospital Management and Tinavi Medical Technologies, you can compare the effects of market volatilities on Sanbo Hospital and Tinavi Medical 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 Tinavi Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Tinavi Medical.
Diversification Opportunities for Sanbo Hospital and Tinavi Medical
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Tinavi is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Tinavi Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tinavi Medical Techn 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 Tinavi Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tinavi Medical Techn has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Tinavi Medical go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Tinavi Medical
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.15 times more return on investment than Tinavi Medical. However, Sanbo Hospital is 1.15 times more volatile than Tinavi Medical Technologies. It trades about -0.17 of its potential returns per unit of risk. Tinavi Medical Technologies is currently generating about -0.27 per unit of risk. If you would invest 4,965 in Sanbo Hospital Management on October 10, 2024 and sell it today you would lose (750.00) from holding Sanbo Hospital Management or give up 15.11% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Sanbo Hospital Management vs. Tinavi Medical Technologies
Performance |
Timeline |
Sanbo Hospital Management |
Tinavi Medical Techn |
Sanbo Hospital and Tinavi Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sanbo Hospital and Tinavi Medical
The main advantage of trading using opposite Sanbo Hospital and Tinavi Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Tinavi Medical 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 Tinavi Medical will offset losses from the drop in Tinavi Medical's long position.Sanbo Hospital vs. Nanjing Putian Telecommunications | Sanbo Hospital vs. Bank of Communications | Sanbo Hospital vs. Yingde Greatchem Chemicals | Sanbo Hospital vs. Tianjin Hi Tech Development |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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