Correlation Between Chularat Hospital and Srivichaivejvivat
Can any of the company-specific risk be diversified away by investing in both Chularat Hospital and Srivichaivejvivat 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 Srivichaivejvivat 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 Srivichaivejvivat Public, you can compare the effects of market volatilities on Chularat Hospital and Srivichaivejvivat 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 Srivichaivejvivat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chularat Hospital and Srivichaivejvivat.
Diversification Opportunities for Chularat Hospital and Srivichaivejvivat
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Chularat and Srivichaivejvivat is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Chularat Hospital Public and Srivichaivejvivat Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Srivichaivejvivat 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 Srivichaivejvivat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Srivichaivejvivat Public has no effect on the direction of Chularat Hospital i.e., Chularat Hospital and Srivichaivejvivat go up and down completely randomly.
Pair Corralation between Chularat Hospital and Srivichaivejvivat
Assuming the 90 days trading horizon Chularat Hospital Public is expected to under-perform the Srivichaivejvivat. But the stock apears to be less risky and, when comparing its historical volatility, Chularat Hospital Public is 1.37 times less risky than Srivichaivejvivat. The stock trades about -0.03 of its potential returns per unit of risk. The Srivichaivejvivat Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 800.00 in Srivichaivejvivat Public on August 28, 2024 and sell it today you would earn a total of 120.00 from holding Srivichaivejvivat Public or generate 15.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chularat Hospital Public vs. Srivichaivejvivat Public
Performance |
| Timeline |
| Chularat Hospital Public |
| Srivichaivejvivat Public |
Chularat Hospital and Srivichaivejvivat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chularat Hospital and Srivichaivejvivat
The main advantage of trading using opposite Chularat Hospital and Srivichaivejvivat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chularat Hospital position performs unexpectedly, Srivichaivejvivat 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 Srivichaivejvivat will offset losses from the drop in Srivichaivejvivat'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 |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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