Correlation Between Asphere Innovations and Rajthanee Hospital
Can any of the company-specific risk be diversified away by investing in both Asphere Innovations and Rajthanee Hospital 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 Asphere Innovations and Rajthanee Hospital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asphere Innovations Public and Rajthanee Hospital Public, you can compare the effects of market volatilities on Asphere Innovations and Rajthanee Hospital 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 Asphere Innovations with a short position of Rajthanee Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asphere Innovations and Rajthanee Hospital.
Diversification Opportunities for Asphere Innovations and Rajthanee Hospital
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Asphere and Rajthanee is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Asphere Innovations Public and Rajthanee Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rajthanee Hospital Public and Asphere Innovations 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 Asphere Innovations Public are associated (or correlated) with Rajthanee Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rajthanee Hospital Public has no effect on the direction of Asphere Innovations i.e., Asphere Innovations and Rajthanee Hospital go up and down completely randomly.
Pair Corralation between Asphere Innovations and Rajthanee Hospital
Assuming the 90 days horizon Asphere Innovations Public is expected to under-perform the Rajthanee Hospital. In addition to that, Asphere Innovations is 3.08 times more volatile than Rajthanee Hospital Public. It trades about -0.07 of its total potential returns per unit of risk. Rajthanee Hospital Public is currently generating about -0.06 per unit of volatility. If you would invest 2,827 in Rajthanee Hospital Public on October 24, 2024 and sell it today you would lose (867.00) from holding Rajthanee Hospital Public or give up 30.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Asphere Innovations Public vs. Rajthanee Hospital Public
Performance |
| Timeline |
| Asphere Innovations |
| Rajthanee Hospital Public |
Asphere Innovations and Rajthanee Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asphere Innovations and Rajthanee Hospital
The main advantage of trading using opposite Asphere Innovations and Rajthanee Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asphere Innovations position performs unexpectedly, Rajthanee Hospital 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 Rajthanee Hospital will offset losses from the drop in Rajthanee Hospital's long position.| Asphere Innovations vs. BTS Group Holdings | Asphere Innovations vs. WHA Public | Asphere Innovations vs. Plan B Media | Asphere Innovations vs. Gulf Energy Development |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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