Correlation Between Grande Hospitality and Bumrungrad Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Grande Hospitality Real and Bumrungrad Hospital Public, you can compare the effects of market volatilities on Grande Hospitality 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 Grande Hospitality with a short position of Bumrungrad Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Bumrungrad Hospital.
Diversification Opportunities for Grande Hospitality and Bumrungrad Hospital
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grande and Bumrungrad is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and Bumrungrad Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bumrungrad Hospital and Grande Hospitality 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 Grande Hospitality Real 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 Grande Hospitality i.e., Grande Hospitality and Bumrungrad Hospital go up and down completely randomly.
Pair Corralation between Grande Hospitality and Bumrungrad Hospital
Assuming the 90 days trading horizon Grande Hospitality Real is expected to under-perform the Bumrungrad Hospital. But the stock apears to be less risky and, when comparing its historical volatility, Grande Hospitality Real is 1.65 times less risky than Bumrungrad Hospital. The stock trades about -0.04 of its potential returns per unit of risk. The Bumrungrad Hospital Public is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 22,673 in Bumrungrad Hospital Public on August 31, 2024 and sell it today you would lose (1,873) from holding Bumrungrad Hospital Public or give up 8.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. Bumrungrad Hospital Public
Performance |
| Timeline |
| Grande Hospitality Real |
| Bumrungrad Hospital |
Grande Hospitality and Bumrungrad Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Bumrungrad Hospital
The main advantage of trading using opposite Grande Hospitality and Bumrungrad Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality 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.| Grande Hospitality vs. LH Shopping Centers | Grande Hospitality vs. HEMARAJ INDUSTRIAL PROPERTY | Grande Hospitality vs. Land and Houses |
| Bumrungrad Hospital vs. AP Public | Bumrungrad Hospital vs. Advanced Information Technology | Bumrungrad Hospital vs. AJ Plast Public | Bumrungrad Hospital vs. Berli Jucker 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |