Correlation Between WESANA HEALTH and SINGAPORE AIRLINES
Can any of the company-specific risk be diversified away by investing in both WESANA HEALTH and SINGAPORE AIRLINES 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 WESANA HEALTH and SINGAPORE AIRLINES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WESANA HEALTH HOLD and SINGAPORE AIRLINES, you can compare the effects of market volatilities on WESANA HEALTH and SINGAPORE AIRLINES 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 WESANA HEALTH with a short position of SINGAPORE AIRLINES. Check out your portfolio center. Please also check ongoing floating volatility patterns of WESANA HEALTH and SINGAPORE AIRLINES.
Diversification Opportunities for WESANA HEALTH and SINGAPORE AIRLINES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between WESANA and SINGAPORE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WESANA HEALTH HOLD and SINGAPORE AIRLINES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SINGAPORE AIRLINES and WESANA HEALTH 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 WESANA HEALTH HOLD are associated (or correlated) with SINGAPORE AIRLINES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SINGAPORE AIRLINES has no effect on the direction of WESANA HEALTH i.e., WESANA HEALTH and SINGAPORE AIRLINES go up and down completely randomly.
Pair Corralation between WESANA HEALTH and SINGAPORE AIRLINES
If you would invest 0.15 in WESANA HEALTH HOLD on November 8, 2024 and sell it today you would earn a total of 0.00 from holding WESANA HEALTH HOLD or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
WESANA HEALTH HOLD vs. SINGAPORE AIRLINES
Performance |
| Timeline |
| WESANA HEALTH HOLD |
| SINGAPORE AIRLINES |
WESANA HEALTH and SINGAPORE AIRLINES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WESANA HEALTH and SINGAPORE AIRLINES
The main advantage of trading using opposite WESANA HEALTH and SINGAPORE AIRLINES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WESANA HEALTH position performs unexpectedly, SINGAPORE AIRLINES 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 SINGAPORE AIRLINES will offset losses from the drop in SINGAPORE AIRLINES's long position.| WESANA HEALTH vs. Wyndham Hotels Resorts | WESANA HEALTH vs. MHP Hotel AG | WESANA HEALTH vs. Xenia Hotels Resorts | WESANA HEALTH vs. Medical Properties Trust |
| SINGAPORE AIRLINES vs. Apple Inc | SINGAPORE AIRLINES vs. Apple Inc | SINGAPORE AIRLINES vs. Apple Inc | SINGAPORE AIRLINES vs. Apple Inc |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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