Correlation Between GPT Healthcare and Teamlease Services
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By analyzing existing cross correlation between GPT Healthcare and Teamlease Services Limited, you can compare the effects of market volatilities on GPT Healthcare and Teamlease Services 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 Teamlease Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of GPT Healthcare and Teamlease Services.
Diversification Opportunities for GPT Healthcare and Teamlease Services
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GPT and Teamlease is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding GPT Healthcare and Teamlease Services Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teamlease Services 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 Teamlease Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teamlease Services has no effect on the direction of GPT Healthcare i.e., GPT Healthcare and Teamlease Services go up and down completely randomly.
Pair Corralation between GPT Healthcare and Teamlease Services
Assuming the 90 days trading horizon GPT Healthcare is expected to generate 1.06 times more return on investment than Teamlease Services. However, GPT Healthcare is 1.06 times more volatile than Teamlease Services Limited. It trades about -0.03 of its potential returns per unit of risk. Teamlease Services Limited is currently generating about -0.08 per unit of risk. If you would invest 19,337 in GPT Healthcare on September 12, 2024 and sell it today you would lose (953.00) from holding GPT Healthcare or give up 4.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GPT Healthcare vs. Teamlease Services Limited
Performance |
| Timeline |
| GPT Healthcare |
| Teamlease Services |
GPT Healthcare and Teamlease Services Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GPT Healthcare and Teamlease Services
The main advantage of trading using opposite GPT Healthcare and Teamlease Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GPT Healthcare position performs unexpectedly, Teamlease Services 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 Teamlease Services will offset losses from the drop in Teamlease Services' long position.| GPT Healthcare vs. Max Healthcare Institute | GPT Healthcare vs. Apollo Hospitals Enterprise | GPT Healthcare vs. Fortis Healthcare Limited | GPT Healthcare vs. Global Health Limited |
| Teamlease Services vs. Advani Hotels Resorts | Teamlease Services vs. Royal Orchid Hotels | Teamlease Services vs. Taj GVK Hotels | Teamlease Services vs. EIH Associated Hotels |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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