Correlation Between Sanbo Hospital and Oppein Home
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By analyzing existing cross correlation between Sanbo Hospital Management and Oppein Home Group, you can compare the effects of market volatilities on Sanbo Hospital and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Oppein Home.
Diversification Opportunities for Sanbo Hospital and Oppein Home
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Oppein is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Oppein Home go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Oppein Home
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 1.27 times less return on investment than Oppein Home. In addition to that, Sanbo Hospital is 1.12 times more volatile than Oppein Home Group. It trades about 0.2 of its total potential returns per unit of risk. Oppein Home Group is currently generating about 0.29 per unit of volatility. If you would invest 4,080 in Oppein Home Group on September 12, 2024 and sell it today you would earn a total of 3,385 from holding Oppein Home Group or generate 82.97% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Sanbo Hospital Management vs. Oppein Home Group
Performance |
Timeline |
Sanbo Hospital Management |
Oppein Home Group |
Sanbo Hospital and Oppein Home Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sanbo Hospital and Oppein Home
The main advantage of trading using opposite Sanbo Hospital and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.Sanbo Hospital vs. Cultural Investment Holdings | Sanbo Hospital vs. Gome Telecom Equipment | Sanbo Hospital vs. Holitech Technology Co | Sanbo Hospital vs. Zotye Automobile 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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