Correlation Between Bodhi Tree and GPT Healthcare
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By analyzing existing cross correlation between Bodhi Tree Multimedia and GPT Healthcare, you can compare the effects of market volatilities on Bodhi Tree and GPT Healthcare 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 Bodhi Tree with a short position of GPT Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bodhi Tree and GPT Healthcare.
Diversification Opportunities for Bodhi Tree and GPT Healthcare
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bodhi and GPT is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Bodhi Tree Multimedia and GPT Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GPT Healthcare and Bodhi Tree 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 Bodhi Tree Multimedia are associated (or correlated) with GPT Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GPT Healthcare has no effect on the direction of Bodhi Tree i.e., Bodhi Tree and GPT Healthcare go up and down completely randomly.
Pair Corralation between Bodhi Tree and GPT Healthcare
Assuming the 90 days trading horizon Bodhi Tree Multimedia is expected to generate 25.83 times more return on investment than GPT Healthcare. However, Bodhi Tree is 25.83 times more volatile than GPT Healthcare. It trades about 0.07 of its potential returns per unit of risk. GPT Healthcare is currently generating about 0.0 per unit of risk. If you would invest 838.00 in Bodhi Tree Multimedia on September 2, 2024 and sell it today you would earn a total of 377.00 from holding Bodhi Tree Multimedia or generate 44.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 38.37% |
| Values | Daily Returns |
Bodhi Tree Multimedia vs. GPT Healthcare
Performance |
| Timeline |
| Bodhi Tree Multimedia |
| GPT Healthcare |
Bodhi Tree and GPT Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bodhi Tree and GPT Healthcare
The main advantage of trading using opposite Bodhi Tree and GPT Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bodhi Tree position performs unexpectedly, GPT Healthcare 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 GPT Healthcare will offset losses from the drop in GPT Healthcare's long position.| Bodhi Tree vs. Cantabil Retail India | Bodhi Tree vs. Jaypee Infratech Limited | Bodhi Tree vs. Styrenix Performance Materials | Bodhi Tree vs. Future Retail Limited |
| GPT Healthcare vs. Apollo Hospitals Enterprise | GPT Healthcare vs. Max Healthcare Institute | GPT Healthcare vs. Fortis Healthcare Limited | GPT Healthcare vs. Global Health 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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