Correlation Between DOHOME and Bumrungrad Hospital
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By analyzing existing cross correlation between DOHOME and Bumrungrad Hospital Public, you can compare the effects of market volatilities on DOHOME and Bumrungrad 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 DOHOME with a short position of Bumrungrad Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of DOHOME and Bumrungrad Hospital.
Diversification Opportunities for DOHOME and Bumrungrad Hospital
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between DOHOME and Bumrungrad is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding DOHOME and Bumrungrad Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bumrungrad Hospital and DOHOME 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 DOHOME are associated (or correlated) with Bumrungrad Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bumrungrad Hospital has no effect on the direction of DOHOME i.e., DOHOME and Bumrungrad Hospital go up and down completely randomly.
Pair Corralation between DOHOME and Bumrungrad Hospital
Assuming the 90 days trading horizon DOHOME is expected to generate 0.87 times more return on investment than Bumrungrad Hospital. However, DOHOME is 1.16 times less risky than Bumrungrad Hospital. It trades about 0.04 of its potential returns per unit of risk. Bumrungrad Hospital Public is currently generating about -0.49 per unit of risk. If you would invest 980.00 in DOHOME on August 29, 2024 and sell it today you would earn a total of 15.00 from holding DOHOME or generate 1.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
DOHOME vs. Bumrungrad Hospital Public
Performance |
| Timeline |
| DOHOME |
| Bumrungrad Hospital |
DOHOME and Bumrungrad Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DOHOME and Bumrungrad Hospital
The main advantage of trading using opposite DOHOME and Bumrungrad Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DOHOME position performs unexpectedly, Bumrungrad 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 Bumrungrad Hospital will offset losses from the drop in Bumrungrad Hospital's long position.| DOHOME vs. Com7 PCL | DOHOME vs. Central Retail | DOHOME vs. Siam Global House | DOHOME vs. Home Product Center |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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