Correlation Between Bangkok Dusit and Jack Nathan
Can any of the company-specific risk be diversified away by investing in both Bangkok Dusit and Jack Nathan 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 Bangkok Dusit and Jack Nathan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bangkok Dusit Medical and Jack Nathan Medical, you can compare the effects of market volatilities on Bangkok Dusit and Jack Nathan 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 Bangkok Dusit with a short position of Jack Nathan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bangkok Dusit and Jack Nathan.
Diversification Opportunities for Bangkok Dusit and Jack Nathan
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bangkok and Jack is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Bangkok Dusit Medical and Jack Nathan Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jack Nathan Medical and Bangkok Dusit 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 Bangkok Dusit Medical are associated (or correlated) with Jack Nathan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jack Nathan Medical has no effect on the direction of Bangkok Dusit i.e., Bangkok Dusit and Jack Nathan go up and down completely randomly.
Pair Corralation between Bangkok Dusit and Jack Nathan
If you would invest 73.00 in Bangkok Dusit Medical on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Bangkok Dusit Medical or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Bangkok Dusit Medical vs. Jack Nathan Medical
Performance |
| Timeline |
| Bangkok Dusit Medical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jack Nathan Medical |
Bangkok Dusit and Jack Nathan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bangkok Dusit and Jack Nathan
The main advantage of trading using opposite Bangkok Dusit and Jack Nathan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bangkok Dusit position performs unexpectedly, Jack Nathan 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 Jack Nathan will offset losses from the drop in Jack Nathan's long position.| Bangkok Dusit vs. Fresenius SE Co | Bangkok Dusit vs. Life Healthcare Group | Bangkok Dusit vs. Select Medical Holdings | Bangkok Dusit vs. Ramsay Health Care |
| Jack Nathan vs. IMAC Holdings | Jack Nathan vs. HCA Holdings | Jack Nathan vs. HUMANA INC | Jack Nathan vs. SCOR PK |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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