Correlation Between Chularat Hospital and Mahachai Hospital
Can any of the company-specific risk be diversified away by investing in both Chularat Hospital and Mahachai Hospital 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 Chularat Hospital and Mahachai Hospital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Chularat Hospital Public and Mahachai Hospital Public, you can compare the effects of market volatilities on Chularat Hospital and Mahachai 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 Chularat Hospital with a short position of Mahachai Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chularat Hospital and Mahachai Hospital.
Diversification Opportunities for Chularat Hospital and Mahachai Hospital
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Chularat and Mahachai is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Chularat Hospital Public and Mahachai Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mahachai Hospital Public and Chularat 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 Chularat Hospital Public are associated (or correlated) with Mahachai Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mahachai Hospital Public has no effect on the direction of Chularat Hospital i.e., Chularat Hospital and Mahachai Hospital go up and down completely randomly.
Pair Corralation between Chularat Hospital and Mahachai Hospital
Assuming the 90 days trading horizon Chularat Hospital Public is expected to under-perform the Mahachai Hospital. In addition to that, Chularat Hospital is 1.82 times more volatile than Mahachai Hospital Public. It trades about -0.14 of its total potential returns per unit of risk. Mahachai Hospital Public is currently generating about 0.05 per unit of volatility. If you would invest 2,875 in Mahachai Hospital Public on September 13, 2024 and sell it today you would earn a total of 25.00 from holding Mahachai Hospital Public or generate 0.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chularat Hospital Public vs. Mahachai Hospital Public
Performance |
| Timeline |
| Chularat Hospital Public |
| Mahachai Hospital Public |
Chularat Hospital and Mahachai Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chularat Hospital and Mahachai Hospital
The main advantage of trading using opposite Chularat Hospital and Mahachai Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chularat Hospital position performs unexpectedly, Mahachai 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 Mahachai Hospital will offset losses from the drop in Mahachai Hospital's long position.| Chularat Hospital vs. Bangkok Chain Hospital | Chularat Hospital vs. Bangkok Dusit Medical | Chularat Hospital vs. Bumrungrad Hospital Public | Chularat Hospital vs. AP Public |
| Mahachai Hospital vs. Rajthanee Hospital Public | Mahachai Hospital vs. Chularat Hospital Public | Mahachai Hospital vs. Ekachai Medical Care | Mahachai Hospital vs. Bangkok Chain Hospital |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |