Correlation Between Blue Coast and Medplus Health
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By analyzing existing cross correlation between Blue Coast Hotels and Medplus Health Services, you can compare the effects of market volatilities on Blue Coast and Medplus Health 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 Blue Coast with a short position of Medplus Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Coast and Medplus Health.
Diversification Opportunities for Blue Coast and Medplus Health
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Blue and Medplus is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Blue Coast Hotels and Medplus Health Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medplus Health Services and Blue Coast 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 Blue Coast Hotels are associated (or correlated) with Medplus Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medplus Health Services has no effect on the direction of Blue Coast i.e., Blue Coast and Medplus Health go up and down completely randomly.
Pair Corralation between Blue Coast and Medplus Health
Assuming the 90 days trading horizon Blue Coast Hotels is expected to generate 1.72 times more return on investment than Medplus Health. However, Blue Coast is 1.72 times more volatile than Medplus Health Services. It trades about 0.65 of its potential returns per unit of risk. Medplus Health Services is currently generating about 0.02 per unit of risk. If you would invest 998.00 in Blue Coast Hotels on October 26, 2024 and sell it today you would earn a total of 1,640 from holding Blue Coast Hotels or generate 164.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Coast Hotels vs. Medplus Health Services
Performance |
| Timeline |
| Blue Coast Hotels |
| Medplus Health Services |
Blue Coast and Medplus Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Coast and Medplus Health
The main advantage of trading using opposite Blue Coast and Medplus Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Coast position performs unexpectedly, Medplus Health 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 Medplus Health will offset losses from the drop in Medplus Health's long position.| Blue Coast vs. Karur Vysya Bank | Blue Coast vs. Arman Financial Services | Blue Coast vs. Beta Drugs | Blue Coast vs. MIRC Electronics Limited |
| Medplus Health vs. Oriental Hotels Limited | Medplus Health vs. Kohinoor Foods Limited | Medplus Health vs. Blue Coast Hotels | Medplus Health vs. Chalet Hotels 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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