Correlation Between BF Utilities and Yatharth Hospital
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By analyzing existing cross correlation between BF Utilities Limited and Yatharth Hospital Trauma, you can compare the effects of market volatilities on BF Utilities and Yatharth 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 BF Utilities with a short position of Yatharth Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of BF Utilities and Yatharth Hospital.
Diversification Opportunities for BF Utilities and Yatharth Hospital
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BFUTILITIE and Yatharth is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding BF Utilities Limited and Yatharth Hospital Trauma in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yatharth Hospital Trauma and BF Utilities 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 BF Utilities Limited are associated (or correlated) with Yatharth Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yatharth Hospital Trauma has no effect on the direction of BF Utilities i.e., BF Utilities and Yatharth Hospital go up and down completely randomly.
Pair Corralation between BF Utilities and Yatharth Hospital
Assuming the 90 days trading horizon BF Utilities Limited is expected to generate 0.86 times more return on investment than Yatharth Hospital. However, BF Utilities Limited is 1.17 times less risky than Yatharth Hospital. It trades about 0.45 of its potential returns per unit of risk. Yatharth Hospital Trauma is currently generating about -0.17 per unit of risk. If you would invest 81,440 in BF Utilities Limited on August 30, 2024 and sell it today you would earn a total of 17,285 from holding BF Utilities Limited or generate 21.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BF Utilities Limited vs. Yatharth Hospital Trauma
Performance |
| Timeline |
| BF Utilities Limited |
| Yatharth Hospital Trauma |
BF Utilities and Yatharth Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BF Utilities and Yatharth Hospital
The main advantage of trading using opposite BF Utilities and Yatharth Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BF Utilities position performs unexpectedly, Yatharth 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 Yatharth Hospital will offset losses from the drop in Yatharth Hospital's long position.| BF Utilities vs. Reliance Industries Limited | BF Utilities vs. State Bank of | BF Utilities vs. HDFC Bank Limited | BF Utilities vs. Oil Natural Gas |
| Yatharth Hospital vs. India Glycols Limited | Yatharth Hospital vs. Indo Borax Chemicals | Yatharth Hospital vs. Kingfa Science Technology | Yatharth Hospital vs. Alkali Metals 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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