Correlation Between Apollo Hospitals and Medplus Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Apollo Hospitals Enterprise and Medplus Health Services, you can compare the effects of market volatilities on Apollo Hospitals and Medplus Health 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 Apollo Hospitals with a short position of Medplus Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Hospitals and Medplus Health.
Diversification Opportunities for Apollo Hospitals and Medplus Health
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Apollo and Medplus is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Hospitals Enterprise and Medplus Health Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medplus Health Services and Apollo Hospitals 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 Apollo Hospitals Enterprise are associated (or correlated) with Medplus Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medplus Health Services has no effect on the direction of Apollo Hospitals i.e., Apollo Hospitals and Medplus Health go up and down completely randomly.
Pair Corralation between Apollo Hospitals and Medplus Health
Assuming the 90 days trading horizon Apollo Hospitals is expected to generate 1.26 times less return on investment than Medplus Health. But when comparing it to its historical volatility, Apollo Hospitals Enterprise is 1.13 times less risky than Medplus Health. It trades about 0.1 of its potential returns per unit of risk. Medplus Health Services is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 70,435 in Medplus Health Services on September 15, 2024 and sell it today you would earn a total of 15,065 from holding Medplus Health Services or generate 21.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.2% |
| Values | Daily Returns |
Apollo Hospitals Enterprise vs. Medplus Health Services
Performance |
| Timeline |
| Apollo Hospitals Ent |
| Medplus Health Services |
Apollo Hospitals and Medplus Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Hospitals and Medplus Health
The main advantage of trading using opposite Apollo Hospitals and Medplus Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Hospitals position performs unexpectedly, Medplus Health 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 Medplus Health will offset losses from the drop in Medplus Health's long position.| Apollo Hospitals vs. GPT Healthcare | Apollo Hospitals vs. ILFS Investment Managers | Apollo Hospitals vs. Fortis Healthcare Limited | Apollo Hospitals vs. BF Investment Limited |
| Medplus Health vs. State Bank of | Medplus Health vs. Life Insurance | Medplus Health vs. HDFC Bank Limited | Medplus Health vs. ICICI Bank Limited |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |