Correlation Between GPT Healthcare and ITI
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By analyzing existing cross correlation between GPT Healthcare and ITI Limited, you can compare the effects of market volatilities on GPT Healthcare and ITI 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 ITI. Check out your portfolio center. Please also check ongoing floating volatility patterns of GPT Healthcare and ITI.
Diversification Opportunities for GPT Healthcare and ITI
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GPT and ITI is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding GPT Healthcare and ITI Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ITI Limited 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 ITI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ITI Limited has no effect on the direction of GPT Healthcare i.e., GPT Healthcare and ITI go up and down completely randomly.
Pair Corralation between GPT Healthcare and ITI
Assuming the 90 days trading horizon GPT Healthcare is expected to under-perform the ITI. But the stock apears to be less risky and, when comparing its historical volatility, GPT Healthcare is 1.48 times less risky than ITI. The stock trades about 0.0 of its potential returns per unit of risk. The ITI Limited is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 10,050 in ITI Limited on October 18, 2024 and sell it today you would earn a total of 28,505 from holding ITI Limited or generate 283.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 44.95% |
| Values | Daily Returns |
GPT Healthcare vs. ITI Limited
Performance |
| Timeline |
| GPT Healthcare |
| ITI Limited |
GPT Healthcare and ITI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GPT Healthcare and ITI
The main advantage of trading using opposite GPT Healthcare and ITI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GPT Healthcare position performs unexpectedly, ITI 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 ITI will offset losses from the drop in ITI's long position.| GPT Healthcare vs. Shyam Metalics and | GPT Healthcare vs. DCB Bank Limited | GPT Healthcare vs. Gokul Refoils and | GPT Healthcare vs. Alkali Metals Limited |
| ITI vs. Entero Healthcare Solutions | ITI vs. Sakar Healthcare Limited | ITI vs. GPT Healthcare | ITI vs. MEDI ASSIST HEALTHCARE |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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