Correlation Between Bumrungrad Hospital and DOHOME
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By analyzing existing cross correlation between Bumrungrad Hospital Public and DOHOME, you can compare the effects of market volatilities on Bumrungrad Hospital and DOHOME 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 Bumrungrad Hospital with a short position of DOHOME. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bumrungrad Hospital and DOHOME.
Diversification Opportunities for Bumrungrad Hospital and DOHOME
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bumrungrad and DOHOME is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Bumrungrad Hospital Public and DOHOME in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOHOME and Bumrungrad Hospital 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 Bumrungrad Hospital Public are associated (or correlated) with DOHOME. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOHOME has no effect on the direction of Bumrungrad Hospital i.e., Bumrungrad Hospital and DOHOME go up and down completely randomly.
Pair Corralation between Bumrungrad Hospital and DOHOME
Assuming the 90 days horizon Bumrungrad Hospital Public is expected to generate 0.65 times more return on investment than DOHOME. However, Bumrungrad Hospital Public is 1.54 times less risky than DOHOME. It trades about -0.01 of its potential returns per unit of risk. DOHOME is currently generating about -0.04 per unit of risk. If you would invest 21,814 in Bumrungrad Hospital Public on August 25, 2024 and sell it today you would lose (1,214) from holding Bumrungrad Hospital Public or give up 5.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bumrungrad Hospital Public vs. DOHOME
Performance |
| Timeline |
| Bumrungrad Hospital |
| DOHOME |
Bumrungrad Hospital and DOHOME Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bumrungrad Hospital and DOHOME
The main advantage of trading using opposite Bumrungrad Hospital and DOHOME positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bumrungrad Hospital position performs unexpectedly, DOHOME 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 DOHOME will offset losses from the drop in DOHOME's long position.| Bumrungrad Hospital vs. Ekachai Medical Care | Bumrungrad Hospital vs. Bangkok Chain Hospital | Bumrungrad Hospital vs. Srivichaivejvivat Public |
| DOHOME vs. Bumrungrad Hospital Public | DOHOME vs. Thai Rubber Latex | DOHOME vs. Food Moments PCL | DOHOME vs. NSL Foods Public |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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