Correlation Between GPT Healthcare and State Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between GPT Healthcare and State Bank of, you can compare the effects of market volatilities on GPT Healthcare and State Bank 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 State Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of GPT Healthcare and State Bank.
Diversification Opportunities for GPT Healthcare and State Bank
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between GPT and State is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding GPT Healthcare and State Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Bank 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 State Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Bank has no effect on the direction of GPT Healthcare i.e., GPT Healthcare and State Bank go up and down completely randomly.
Pair Corralation between GPT Healthcare and State Bank
Assuming the 90 days trading horizon GPT Healthcare is expected to generate 0.99 times more return on investment than State Bank. However, GPT Healthcare is 1.01 times less risky than State Bank. It trades about 0.15 of its potential returns per unit of risk. State Bank of is currently generating about 0.07 per unit of risk. If you would invest 17,356 in GPT Healthcare on September 12, 2024 and sell it today you would earn a total of 937.00 from holding GPT Healthcare or generate 5.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GPT Healthcare vs. State Bank of
Performance |
| Timeline |
| GPT Healthcare |
| State Bank |
GPT Healthcare and State Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GPT Healthcare and State Bank
The main advantage of trading using opposite GPT Healthcare and State Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GPT Healthcare position performs unexpectedly, State Bank 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 State Bank will offset losses from the drop in State Bank's long position.| GPT Healthcare vs. Apollo Hospitals Enterprise | GPT Healthcare vs. Fortis Healthcare Limited | GPT Healthcare vs. Global Health Limited | GPT Healthcare vs. Aster DM Healthcare |
| State Bank vs. Aster DM Healthcare | State Bank vs. Metropolis Healthcare Limited | State Bank vs. Bajaj Healthcare Limited | State Bank vs. V2 Retail 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |