Correlation Between DOHOME and Ekachai Medical
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By analyzing existing cross correlation between DOHOME and Ekachai Medical Care, you can compare the effects of market volatilities on DOHOME and Ekachai Medical 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 Ekachai Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of DOHOME and Ekachai Medical.
Diversification Opportunities for DOHOME and Ekachai Medical
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DOHOME and Ekachai is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding DOHOME and Ekachai Medical Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ekachai Medical Care 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 Ekachai Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ekachai Medical Care has no effect on the direction of DOHOME i.e., DOHOME and Ekachai Medical go up and down completely randomly.
Pair Corralation between DOHOME and Ekachai Medical
Assuming the 90 days trading horizon DOHOME is expected to under-perform the Ekachai Medical. In addition to that, DOHOME is 2.14 times more volatile than Ekachai Medical Care. It trades about -0.06 of its total potential returns per unit of risk. Ekachai Medical Care is currently generating about -0.03 per unit of volatility. If you would invest 665.00 in Ekachai Medical Care on August 29, 2024 and sell it today you would lose (15.00) from holding Ekachai Medical Care or give up 2.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DOHOME vs. Ekachai Medical Care
Performance |
| Timeline |
| DOHOME |
| Ekachai Medical Care |
DOHOME and Ekachai Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DOHOME and Ekachai Medical
The main advantage of trading using opposite DOHOME and Ekachai Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DOHOME position performs unexpectedly, Ekachai Medical 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 Ekachai Medical will offset losses from the drop in Ekachai Medical's long position.| DOHOME vs. Com7 PCL | DOHOME vs. Central Retail | DOHOME vs. Siam Global House | DOHOME vs. Home Product Center |
| Ekachai Medical vs. Chularat Hospital Public | Ekachai Medical vs. Bangkok Chain Hospital | Ekachai Medical vs. Bangkok Dusit Medical | Ekachai Medical vs. Rajthanee Hospital Public |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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