Correlation Between Bumrungrad Hospital and SUNRISE RESOURCES
Can any of the company-specific risk be diversified away by investing in both Bumrungrad Hospital and SUNRISE RESOURCES 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 SUNRISE RESOURCES 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 SUNRISE RESOURCES, you can compare the effects of market volatilities on Bumrungrad Hospital and SUNRISE RESOURCES 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 SUNRISE RESOURCES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bumrungrad Hospital and SUNRISE RESOURCES.
Diversification Opportunities for Bumrungrad Hospital and SUNRISE RESOURCES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bumrungrad and SUNRISE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bumrungrad Hospital Public and SUNRISE RESOURCES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUNRISE RESOURCES 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 SUNRISE RESOURCES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUNRISE RESOURCES has no effect on the direction of Bumrungrad Hospital i.e., Bumrungrad Hospital and SUNRISE RESOURCES go up and down completely randomly.
Pair Corralation between Bumrungrad Hospital and SUNRISE RESOURCES
If you would invest 0.05 in SUNRISE RESOURCES on August 30, 2024 and sell it today you would earn a total of 0.00 from holding SUNRISE RESOURCES or generate 0.0% 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. SUNRISE RESOURCES
Performance |
| Timeline |
| Bumrungrad Hospital |
| SUNRISE RESOURCES |
Bumrungrad Hospital and SUNRISE RESOURCES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bumrungrad Hospital and SUNRISE RESOURCES
The main advantage of trading using opposite Bumrungrad Hospital and SUNRISE RESOURCES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bumrungrad Hospital position performs unexpectedly, SUNRISE RESOURCES 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 SUNRISE RESOURCES will offset losses from the drop in SUNRISE RESOURCES's long position.| Bumrungrad Hospital vs. Ramsay Health Care | Bumrungrad Hospital vs. Richter Gedeon Vegyszeti | Bumrungrad Hospital vs. Charoen Pokphand Foods | Bumrungrad Hospital vs. Superior Plus Corp |
| SUNRISE RESOURCES vs. ScanSource | SUNRISE RESOURCES vs. Natural Health Trends | SUNRISE RESOURCES vs. Bumrungrad Hospital Public | SUNRISE RESOURCES vs. FLOW TRADERS LTD |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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