Correlation Between Asiri Surgical and COMMERCIAL BANK
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By analyzing existing cross correlation between Asiri Surgical Hospital and COMMERCIAL BANK OF, you can compare the effects of market volatilities on Asiri Surgical and COMMERCIAL BANK 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 Asiri Surgical with a short position of COMMERCIAL BANK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asiri Surgical and COMMERCIAL BANK.
Diversification Opportunities for Asiri Surgical and COMMERCIAL BANK
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Asiri and COMMERCIAL is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Asiri Surgical Hospital and COMMERCIAL BANK OF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMMERCIAL BANK and Asiri Surgical 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 Asiri Surgical Hospital are associated (or correlated) with COMMERCIAL BANK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMMERCIAL BANK has no effect on the direction of Asiri Surgical i.e., Asiri Surgical and COMMERCIAL BANK go up and down completely randomly.
Pair Corralation between Asiri Surgical and COMMERCIAL BANK
Assuming the 90 days trading horizon Asiri Surgical Hospital is expected to under-perform the COMMERCIAL BANK. In addition to that, Asiri Surgical is 1.13 times more volatile than COMMERCIAL BANK OF. It trades about -0.02 of its total potential returns per unit of risk. COMMERCIAL BANK OF is currently generating about 0.37 per unit of volatility. If you would invest 9,510 in COMMERCIAL BANK OF on September 20, 2024 and sell it today you would earn a total of 940.00 from holding COMMERCIAL BANK OF or generate 9.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Asiri Surgical Hospital vs. COMMERCIAL BANK OF
Performance |
| Timeline |
| Asiri Surgical Hospital |
| COMMERCIAL BANK |
Asiri Surgical and COMMERCIAL BANK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asiri Surgical and COMMERCIAL BANK
The main advantage of trading using opposite Asiri Surgical and COMMERCIAL BANK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asiri Surgical position performs unexpectedly, COMMERCIAL BANK 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 COMMERCIAL BANK will offset losses from the drop in COMMERCIAL BANK's long position.| Asiri Surgical vs. Ceylon Guardian Investment | Asiri Surgical vs. Ceylon Tobacco | Asiri Surgical vs. Lanka Realty Investments | Asiri Surgical vs. Colombo Investment Trust |
| COMMERCIAL BANK vs. National Development Bank | COMMERCIAL BANK vs. DFCC Bank PLC | COMMERCIAL BANK vs. Asiri Surgical Hospital | COMMERCIAL BANK vs. Sampath Bank PLC |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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