Correlation Between Dalata Hotel and FISH PAYK
Can any of the company-specific risk be diversified away by investing in both Dalata Hotel and FISH PAYK 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 Dalata Hotel and FISH PAYK into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dalata Hotel Group and FISH PAYK HEALTH, you can compare the effects of market volatilities on Dalata Hotel and FISH PAYK 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 Dalata Hotel with a short position of FISH PAYK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dalata Hotel and FISH PAYK.
Diversification Opportunities for Dalata Hotel and FISH PAYK
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Dalata and FISH is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Dalata Hotel Group and FISH PAYK HEALTH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FISH PAYK HEALTH and Dalata Hotel 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 Dalata Hotel Group are associated (or correlated) with FISH PAYK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FISH PAYK HEALTH has no effect on the direction of Dalata Hotel i.e., Dalata Hotel and FISH PAYK go up and down completely randomly.
Pair Corralation between Dalata Hotel and FISH PAYK
Assuming the 90 days horizon Dalata Hotel is expected to generate 1.2 times less return on investment than FISH PAYK. In addition to that, Dalata Hotel is 1.06 times more volatile than FISH PAYK HEALTH. It trades about 0.05 of its total potential returns per unit of risk. FISH PAYK HEALTH is currently generating about 0.06 per unit of volatility. If you would invest 1,232 in FISH PAYK HEALTH on September 12, 2024 and sell it today you would earn a total of 808.00 from holding FISH PAYK HEALTH or generate 65.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Dalata Hotel Group vs. FISH PAYK HEALTH
Performance |
| Timeline |
| Dalata Hotel Group |
| FISH PAYK HEALTH |
Dalata Hotel and FISH PAYK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dalata Hotel and FISH PAYK
The main advantage of trading using opposite Dalata Hotel and FISH PAYK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dalata Hotel position performs unexpectedly, FISH PAYK 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 FISH PAYK will offset losses from the drop in FISH PAYK's long position.| Dalata Hotel vs. Focus Home Interactive | Dalata Hotel vs. Addus HomeCare | Dalata Hotel vs. LION ONE METALS | Dalata Hotel vs. Haverty Furniture Companies |
| FISH PAYK vs. INSURANCE AUST GRP | FISH PAYK vs. SBI Insurance Group | FISH PAYK vs. GRUPO CARSO A1 | FISH PAYK vs. Reinsurance Group of |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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