Correlation Between Bumrungrad Hospital and MAGNUM MINING
Can any of the company-specific risk be diversified away by investing in both Bumrungrad Hospital and MAGNUM MINING 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 MAGNUM MINING 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 MAGNUM MINING EXP, you can compare the effects of market volatilities on Bumrungrad Hospital and MAGNUM MINING 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 MAGNUM MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bumrungrad Hospital and MAGNUM MINING.
Diversification Opportunities for Bumrungrad Hospital and MAGNUM MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bumrungrad and MAGNUM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bumrungrad Hospital Public and MAGNUM MINING EXP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAGNUM MINING EXP 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 MAGNUM MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAGNUM MINING EXP has no effect on the direction of Bumrungrad Hospital i.e., Bumrungrad Hospital and MAGNUM MINING go up and down completely randomly.
Pair Corralation between Bumrungrad Hospital and MAGNUM MINING
If you would invest 164.00 in Bumrungrad Hospital Public on September 12, 2024 and sell it today you would earn a total of 386.00 from holding Bumrungrad Hospital Public or generate 235.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bumrungrad Hospital Public vs. MAGNUM MINING EXP
Performance |
| Timeline |
| Bumrungrad Hospital |
| MAGNUM MINING EXP |
Bumrungrad Hospital and MAGNUM MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bumrungrad Hospital and MAGNUM MINING
The main advantage of trading using opposite Bumrungrad Hospital and MAGNUM MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bumrungrad Hospital position performs unexpectedly, MAGNUM MINING 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 MAGNUM MINING will offset losses from the drop in MAGNUM MINING's long position.| Bumrungrad Hospital vs. Ramsay Health Care | Bumrungrad Hospital vs. Universal Health Services | Bumrungrad Hospital vs. Superior Plus Corp | Bumrungrad Hospital vs. SIVERS SEMICONDUCTORS AB |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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