Correlation Between Fortis Healthcare and ICICI Lombard
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fortis Healthcare Limited and ICICI Lombard General, you can compare the effects of market volatilities on Fortis Healthcare and ICICI Lombard 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 Fortis Healthcare with a short position of ICICI Lombard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fortis Healthcare and ICICI Lombard.
Diversification Opportunities for Fortis Healthcare and ICICI Lombard
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fortis and ICICI is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Fortis Healthcare Limited and ICICI Lombard General in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Lombard General and Fortis Healthcare 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 Fortis Healthcare Limited are associated (or correlated) with ICICI Lombard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Lombard General has no effect on the direction of Fortis Healthcare i.e., Fortis Healthcare and ICICI Lombard go up and down completely randomly.
Pair Corralation between Fortis Healthcare and ICICI Lombard
Assuming the 90 days trading horizon Fortis Healthcare Limited is expected to generate 1.18 times more return on investment than ICICI Lombard. However, Fortis Healthcare is 1.18 times more volatile than ICICI Lombard General. It trades about 0.11 of its potential returns per unit of risk. ICICI Lombard General is currently generating about 0.07 per unit of risk. If you would invest 28,987 in Fortis Healthcare Limited on August 27, 2024 and sell it today you would earn a total of 39,598 from holding Fortis Healthcare Limited or generate 136.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fortis Healthcare Limited vs. ICICI Lombard General
Performance |
| Timeline |
| Fortis Healthcare |
| ICICI Lombard General |
Fortis Healthcare and ICICI Lombard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fortis Healthcare and ICICI Lombard
The main advantage of trading using opposite Fortis Healthcare and ICICI Lombard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fortis Healthcare position performs unexpectedly, ICICI Lombard 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 ICICI Lombard will offset losses from the drop in ICICI Lombard's long position.| Fortis Healthcare vs. Indian Metals Ferro | Fortis Healthcare vs. Sonata Software Limited | Fortis Healthcare vs. Tips Music Limited | Fortis Healthcare vs. Newgen Software Technologies |
| ICICI Lombard vs. Styrenix Performance Materials | ICICI Lombard vs. Tata Investment | ICICI Lombard vs. Industrial Investment Trust | ICICI Lombard vs. UTI Asset Management |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |