Correlation Between Guangxi Guiguan and Sanbo Hospital
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By analyzing existing cross correlation between Guangxi Guiguan Electric and Sanbo Hospital Management, you can compare the effects of market volatilities on Guangxi Guiguan 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 Guangxi Guiguan with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Guiguan and Sanbo Hospital.
Diversification Opportunities for Guangxi Guiguan and Sanbo Hospital
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Guangxi and Sanbo is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Guiguan Electric 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 Guangxi Guiguan 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 Guangxi Guiguan Electric 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 Guangxi Guiguan i.e., Guangxi Guiguan and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Guangxi Guiguan and Sanbo Hospital
Assuming the 90 days trading horizon Guangxi Guiguan Electric is expected to generate 0.39 times more return on investment than Sanbo Hospital. However, Guangxi Guiguan Electric is 2.58 times less risky than Sanbo Hospital. It trades about 0.37 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.09 per unit of risk. If you would invest 618.00 in Guangxi Guiguan Electric on September 25, 2024 and sell it today you would earn a total of 85.00 from holding Guangxi Guiguan Electric or generate 13.75% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
Guangxi Guiguan Electric vs. Sanbo Hospital Management
Performance |
Timeline |
Guangxi Guiguan Electric |
Sanbo Hospital Management |
Guangxi Guiguan and Sanbo Hospital Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Guangxi Guiguan and Sanbo Hospital
The main advantage of trading using opposite Guangxi Guiguan and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Guiguan 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.Guangxi Guiguan vs. Industrial and Commercial | Guangxi Guiguan vs. Agricultural Bank of | Guangxi Guiguan vs. China Construction Bank | Guangxi Guiguan vs. Bank of China |
Sanbo Hospital vs. China Longyuan Power | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Guangxi Guiguan Electric |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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