Correlation Between Bumrungrad Hospital and YOOMA WELLNESS
Can any of the company-specific risk be diversified away by investing in both Bumrungrad Hospital and YOOMA WELLNESS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bumrungrad Hospital and YOOMA WELLNESS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bumrungrad Hospital Public and YOOMA WELLNESS INC, you can compare the effects of market volatilities on Bumrungrad Hospital and YOOMA WELLNESS 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 YOOMA WELLNESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bumrungrad Hospital and YOOMA WELLNESS.
Diversification Opportunities for Bumrungrad Hospital and YOOMA WELLNESS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bumrungrad and YOOMA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bumrungrad Hospital Public and YOOMA WELLNESS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YOOMA WELLNESS INC 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 YOOMA WELLNESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YOOMA WELLNESS INC has no effect on the direction of Bumrungrad Hospital i.e., Bumrungrad Hospital and YOOMA WELLNESS go up and down completely randomly.
Pair Corralation between Bumrungrad Hospital and YOOMA WELLNESS
If you would invest 0.05 in YOOMA WELLNESS INC on August 24, 2024 and sell it today you would earn a total of 0.00 from holding YOOMA WELLNESS INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Bumrungrad Hospital Public vs. YOOMA WELLNESS INC
Performance |
| Timeline |
| Bumrungrad Hospital |
| YOOMA WELLNESS INC |
Bumrungrad Hospital and YOOMA WELLNESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bumrungrad Hospital and YOOMA WELLNESS
The main advantage of trading using opposite Bumrungrad Hospital and YOOMA WELLNESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bumrungrad Hospital position performs unexpectedly, YOOMA WELLNESS 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 YOOMA WELLNESS will offset losses from the drop in YOOMA WELLNESS's long position.| Bumrungrad Hospital vs. Ramsay Health Care | Bumrungrad Hospital vs. Superior Plus Corp | Bumrungrad Hospital vs. NMI Holdings | Bumrungrad Hospital vs. Origin Agritech |
| YOOMA WELLNESS vs. Penn National Gaming | YOOMA WELLNESS vs. ANGLER GAMING PLC | YOOMA WELLNESS vs. ELMOS SEMICONDUCTOR | YOOMA WELLNESS vs. Ribbon Communications |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |