Correlation Between Apollo Hospitals and Viceroy Hotels
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By analyzing existing cross correlation between Apollo Hospitals Enterprise and Viceroy Hotels Limited, you can compare the effects of market volatilities on Apollo Hospitals and Viceroy Hotels 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 Viceroy Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Hospitals and Viceroy Hotels.
Diversification Opportunities for Apollo Hospitals and Viceroy Hotels
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Apollo and Viceroy is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Hospitals Enterprise and Viceroy Hotels Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viceroy Hotels 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 Viceroy Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viceroy Hotels has no effect on the direction of Apollo Hospitals i.e., Apollo Hospitals and Viceroy Hotels go up and down completely randomly.
Pair Corralation between Apollo Hospitals and Viceroy Hotels
Assuming the 90 days trading horizon Apollo Hospitals is expected to generate 20.89 times less return on investment than Viceroy Hotels. But when comparing it to its historical volatility, Apollo Hospitals Enterprise is 33.77 times less risky than Viceroy Hotels. It trades about 0.08 of its potential returns per unit of risk. Viceroy Hotels Limited is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 195.00 in Viceroy Hotels Limited on August 28, 2024 and sell it today you would earn a total of 12,800 from holding Viceroy Hotels Limited or generate 6564.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.36% |
| Values | Daily Returns |
Apollo Hospitals Enterprise vs. Viceroy Hotels Limited
Performance |
| Timeline |
| Apollo Hospitals Ent |
| Viceroy Hotels |
Apollo Hospitals and Viceroy Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Hospitals and Viceroy Hotels
The main advantage of trading using opposite Apollo Hospitals and Viceroy Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Hospitals position performs unexpectedly, Viceroy Hotels 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 Viceroy Hotels will offset losses from the drop in Viceroy Hotels' long position.| Apollo Hospitals vs. Indian Railway Finance | Apollo Hospitals vs. Cholamandalam Financial Holdings | Apollo Hospitals vs. Reliance Industries Limited | Apollo Hospitals vs. Tata Consultancy Services |
| Viceroy Hotels vs. MMTC Limited | Viceroy Hotels vs. Kingfa Science Technology | Viceroy Hotels vs. Rico Auto Industries | Viceroy Hotels vs. GACM Technologies 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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