Correlation Between Bhiraj Office and Ramkhamhaeng Hospital
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By analyzing existing cross correlation between Bhiraj Office Leasehold and Ramkhamhaeng Hospital Public, you can compare the effects of market volatilities on Bhiraj Office and Ramkhamhaeng 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 Bhiraj Office with a short position of Ramkhamhaeng Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bhiraj Office and Ramkhamhaeng Hospital.
Diversification Opportunities for Bhiraj Office and Ramkhamhaeng Hospital
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bhiraj and Ramkhamhaeng is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Bhiraj Office Leasehold and Ramkhamhaeng Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ramkhamhaeng Hospital and Bhiraj Office 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 Bhiraj Office Leasehold are associated (or correlated) with Ramkhamhaeng Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ramkhamhaeng Hospital has no effect on the direction of Bhiraj Office i.e., Bhiraj Office and Ramkhamhaeng Hospital go up and down completely randomly.
Pair Corralation between Bhiraj Office and Ramkhamhaeng Hospital
Assuming the 90 days trading horizon Bhiraj Office Leasehold is expected to generate 0.78 times more return on investment than Ramkhamhaeng Hospital. However, Bhiraj Office Leasehold is 1.29 times less risky than Ramkhamhaeng Hospital. It trades about 0.09 of its potential returns per unit of risk. Ramkhamhaeng Hospital Public is currently generating about -0.02 per unit of risk. If you would invest 490.00 in Bhiraj Office Leasehold on September 3, 2024 and sell it today you would earn a total of 20.00 from holding Bhiraj Office Leasehold or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bhiraj Office Leasehold vs. Ramkhamhaeng Hospital Public
Performance |
| Timeline |
| Bhiraj Office Leasehold |
| Ramkhamhaeng Hospital |
Bhiraj Office and Ramkhamhaeng Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bhiraj Office and Ramkhamhaeng Hospital
The main advantage of trading using opposite Bhiraj Office and Ramkhamhaeng Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bhiraj Office position performs unexpectedly, Ramkhamhaeng 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 Ramkhamhaeng Hospital will offset losses from the drop in Ramkhamhaeng Hospital's long position.| Bhiraj Office vs. Delta Electronics Public | Bhiraj Office vs. Delta Electronics Public | Bhiraj Office vs. Airports of Thailand | Bhiraj Office vs. Airports of Thailand |
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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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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