Correlation Between Ekachai Medical and DOHOME
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By analyzing existing cross correlation between Ekachai Medical Care and DOHOME, you can compare the effects of market volatilities on Ekachai Medical and DOHOME 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 Ekachai Medical with a short position of DOHOME. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ekachai Medical and DOHOME.
Diversification Opportunities for Ekachai Medical and DOHOME
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ekachai and DOHOME is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Ekachai Medical Care and DOHOME in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOHOME and Ekachai Medical 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 Ekachai Medical Care are associated (or correlated) with DOHOME. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOHOME has no effect on the direction of Ekachai Medical i.e., Ekachai Medical and DOHOME go up and down completely randomly.
Pair Corralation between Ekachai Medical and DOHOME
Assuming the 90 days trading horizon Ekachai Medical Care is expected to generate 0.42 times more return on investment than DOHOME. However, Ekachai Medical Care is 2.35 times less risky than DOHOME. It trades about 0.01 of its potential returns per unit of risk. DOHOME is currently generating about -0.03 per unit of risk. If you would invest 643.00 in Ekachai Medical Care on August 29, 2024 and sell it today you would earn a total of 7.00 from holding Ekachai Medical Care or generate 1.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ekachai Medical Care vs. DOHOME
Performance |
| Timeline |
| Ekachai Medical Care |
| DOHOME |
Ekachai Medical and DOHOME Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ekachai Medical and DOHOME
The main advantage of trading using opposite Ekachai Medical and DOHOME positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ekachai Medical position performs unexpectedly, DOHOME 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 DOHOME will offset losses from the drop in DOHOME's long position.| Ekachai Medical vs. Chularat Hospital Public | Ekachai Medical vs. Bangkok Chain Hospital | Ekachai Medical vs. Bangkok Dusit Medical | Ekachai Medical vs. Rajthanee Hospital Public |
| DOHOME vs. Com7 PCL | DOHOME vs. Central Retail | DOHOME vs. Siam Global House | DOHOME vs. Home Product Center |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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