Correlation Between Bumrungrad Hospital and Grande Hospitality
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By analyzing existing cross correlation between Bumrungrad Hospital Public and Grande Hospitality Real, you can compare the effects of market volatilities on Bumrungrad Hospital and Grande Hospitality 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 Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bumrungrad Hospital and Grande Hospitality.
Diversification Opportunities for Bumrungrad Hospital and Grande Hospitality
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bumrungrad and Grande is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Bumrungrad Hospital Public and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real 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 Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Bumrungrad Hospital i.e., Bumrungrad Hospital and Grande Hospitality go up and down completely randomly.
Pair Corralation between Bumrungrad Hospital and Grande Hospitality
Assuming the 90 days horizon Bumrungrad Hospital Public is expected to generate 1.65 times more return on investment than Grande Hospitality. However, Bumrungrad Hospital is 1.65 times more volatile than Grande Hospitality Real. It trades about -0.01 of its potential returns per unit of risk. Grande Hospitality Real is currently generating about -0.04 per unit of risk. If you would invest 22,673 in Bumrungrad Hospital Public on August 31, 2024 and sell it today you would lose (1,873) from holding Bumrungrad Hospital Public or give up 8.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bumrungrad Hospital Public vs. Grande Hospitality Real
Performance |
| Timeline |
| Bumrungrad Hospital |
| Grande Hospitality Real |
Bumrungrad Hospital and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bumrungrad Hospital and Grande Hospitality
The main advantage of trading using opposite Bumrungrad Hospital and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bumrungrad Hospital position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| Bumrungrad Hospital vs. AP Public | Bumrungrad Hospital vs. Advanced Information Technology | Bumrungrad Hospital vs. AJ Plast Public | Bumrungrad Hospital vs. Berli Jucker Public |
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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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