Correlation Between Sports Toto and Apex Healthcare
Can any of the company-specific risk be diversified away by investing in both Sports Toto and Apex Healthcare at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Sports Toto and Apex Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sports Toto Berhad and Apex Healthcare Bhd, you can compare the effects of market volatilities on Sports Toto and Apex Healthcare 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 Sports Toto with a short position of Apex Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sports Toto and Apex Healthcare.
Diversification Opportunities for Sports Toto and Apex Healthcare
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sports and Apex is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Sports Toto Berhad and Apex Healthcare Bhd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apex Healthcare Bhd and Sports Toto 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 Sports Toto Berhad are associated (or correlated) with Apex Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apex Healthcare Bhd has no effect on the direction of Sports Toto i.e., Sports Toto and Apex Healthcare go up and down completely randomly.
Pair Corralation between Sports Toto and Apex Healthcare
Assuming the 90 days trading horizon Sports Toto Berhad is expected to generate 0.81 times more return on investment than Apex Healthcare. However, Sports Toto Berhad is 1.23 times less risky than Apex Healthcare. It trades about 0.37 of its potential returns per unit of risk. Apex Healthcare Bhd is currently generating about -0.09 per unit of risk. If you would invest 147.00 in Sports Toto Berhad on October 25, 2024 and sell it today you would earn a total of 10.00 from holding Sports Toto Berhad or generate 6.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sports Toto Berhad vs. Apex Healthcare Bhd
Performance |
| Timeline |
| Sports Toto Berhad |
| Apex Healthcare Bhd |
Sports Toto and Apex Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sports Toto and Apex Healthcare
The main advantage of trading using opposite Sports Toto and Apex Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sports Toto position performs unexpectedly, Apex Healthcare 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 Apex Healthcare will offset losses from the drop in Apex Healthcare's long position.| Sports Toto vs. Bank Islam Malaysia | Sports Toto vs. RHB Bank Bhd | Sports Toto vs. Malayan Banking Bhd | Sports Toto vs. CPE Technology Berhad |
| Apex Healthcare vs. Binasat Communications Bhd | Apex Healthcare vs. Tex Cycle Technology | Apex Healthcare vs. Sports Toto Berhad | Apex Healthcare vs. Diversified Gateway Solutions |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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