Correlation Between Centara Hotels and Future Park
Specify exactly 2 symbols:
By analyzing existing cross correlation between Centara Hotels Resorts and Future Park Leasehold, you can compare the effects of market volatilities on Centara Hotels and Future Park 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 Centara Hotels with a short position of Future Park. Check out your portfolio center. Please also check ongoing floating volatility patterns of Centara Hotels and Future Park.
Diversification Opportunities for Centara Hotels and Future Park
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Centara and Future is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Centara Hotels Resorts and Future Park Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Park Leasehold and Centara Hotels 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 Centara Hotels Resorts are associated (or correlated) with Future Park. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Park Leasehold has no effect on the direction of Centara Hotels i.e., Centara Hotels and Future Park go up and down completely randomly.
Pair Corralation between Centara Hotels and Future Park
Assuming the 90 days trading horizon Centara Hotels Resorts is expected to generate 10.1 times more return on investment than Future Park. However, Centara Hotels is 10.1 times more volatile than Future Park Leasehold. It trades about 0.19 of its potential returns per unit of risk. Future Park Leasehold is currently generating about -0.21 per unit of risk. If you would invest 450.00 in Centara Hotels Resorts on September 1, 2024 and sell it today you would earn a total of 8.00 from holding Centara Hotels Resorts or generate 1.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Centara Hotels Resorts vs. Future Park Leasehold
Performance |
| Timeline |
| Centara Hotels Resorts |
| Future Park Leasehold |
Centara Hotels and Future Park Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Centara Hotels and Future Park
The main advantage of trading using opposite Centara Hotels and Future Park positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Centara Hotels position performs unexpectedly, Future Park 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 Future Park will offset losses from the drop in Future Park's long position.| Centara Hotels vs. LH Shopping Centers | Centara Hotels vs. HEMARAJ INDUSTRIAL PROPERTY | Centara Hotels vs. Land and Houses |
| Future Park vs. Jasmine Telecom Systems | Future Park vs. Central Plaza Hotel | Future Park vs. LH Hotel Leasehold | Future Park vs. Information and Communication |
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.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |