Correlation Between GPT Healthcare and Blue Jet
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By analyzing existing cross correlation between GPT Healthcare and Blue Jet Healthcare, you can compare the effects of market volatilities on GPT Healthcare and Blue Jet 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 GPT Healthcare with a short position of Blue Jet. Check out your portfolio center. Please also check ongoing floating volatility patterns of GPT Healthcare and Blue Jet.
Diversification Opportunities for GPT Healthcare and Blue Jet
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between GPT and Blue is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding GPT Healthcare and Blue Jet Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Jet Healthcare and GPT 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 GPT Healthcare are associated (or correlated) with Blue Jet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Jet Healthcare has no effect on the direction of GPT Healthcare i.e., GPT Healthcare and Blue Jet go up and down completely randomly.
Pair Corralation between GPT Healthcare and Blue Jet
Assuming the 90 days trading horizon GPT Healthcare is expected to under-perform the Blue Jet. In addition to that, GPT Healthcare is 1.14 times more volatile than Blue Jet Healthcare. It trades about 0.0 of its total potential returns per unit of risk. Blue Jet Healthcare is currently generating about 0.05 per unit of volatility. If you would invest 41,261 in Blue Jet Healthcare on September 2, 2024 and sell it today you would earn a total of 10,679 from holding Blue Jet Healthcare or generate 25.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.15% |
| Values | Daily Returns |
GPT Healthcare vs. Blue Jet Healthcare
Performance |
| Timeline |
| GPT Healthcare |
| Blue Jet Healthcare |
GPT Healthcare and Blue Jet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GPT Healthcare and Blue Jet
The main advantage of trading using opposite GPT Healthcare and Blue Jet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GPT Healthcare position performs unexpectedly, Blue Jet 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 Blue Jet will offset losses from the drop in Blue Jet's long position.| GPT Healthcare vs. Apollo Hospitals Enterprise | GPT Healthcare vs. Max Healthcare Institute | GPT Healthcare vs. Fortis Healthcare Limited | GPT Healthcare vs. Global Health Limited |
| Blue Jet vs. Reliance Industries Limited | Blue Jet vs. Oil Natural Gas | Blue Jet vs. ICICI Bank Limited | Blue Jet vs. Bharti Airtel Limited |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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