Correlation Between Blue Jet and Global Health
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By analyzing existing cross correlation between Blue Jet Healthcare and Global Health Limited, you can compare the effects of market volatilities on Blue Jet and Global 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 Jet with a short position of Global Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Jet and Global Health.
Diversification Opportunities for Blue Jet and Global Health
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and Global is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Blue Jet Healthcare and Global Health Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Health Limited and Blue Jet 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 Jet Healthcare are associated (or correlated) with Global Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Health Limited has no effect on the direction of Blue Jet i.e., Blue Jet and Global Health go up and down completely randomly.
Pair Corralation between Blue Jet and Global Health
Assuming the 90 days trading horizon Blue Jet Healthcare is expected to generate 1.17 times more return on investment than Global Health. However, Blue Jet is 1.17 times more volatile than Global Health Limited. It trades about 0.15 of its potential returns per unit of risk. Global Health Limited is currently generating about -0.09 per unit of risk. If you would invest 56,295 in Blue Jet Healthcare on October 23, 2024 and sell it today you would earn a total of 3,485 from holding Blue Jet Healthcare or generate 6.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Blue Jet Healthcare vs. Global Health Limited
Performance |
| Timeline |
| Blue Jet Healthcare |
| Global Health Limited |
Blue Jet and Global Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Jet and Global Health
The main advantage of trading using opposite Blue Jet and Global Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Jet position performs unexpectedly, Global 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 Global Health will offset losses from the drop in Global Health's long position.| Blue Jet vs. Kaushalya Infrastructure Development | Blue Jet vs. Tarapur Transformers Limited | Blue Jet vs. Kingfa Science Technology | Blue Jet vs. Rico Auto Industries |
| Global Health vs. Hemisphere Properties India | Global Health vs. Hi Tech Pipes Limited | Global Health vs. Zydus Wellness Limited | Global Health vs. Blue Jet Healthcare |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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