Correlation Between Honeywell Automation and Apollo Hospitals
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By analyzing existing cross correlation between Honeywell Automation India and Apollo Hospitals Enterprise, you can compare the effects of market volatilities on Honeywell Automation and Apollo Hospitals 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 Honeywell Automation with a short position of Apollo Hospitals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Honeywell Automation and Apollo Hospitals.
Diversification Opportunities for Honeywell Automation and Apollo Hospitals
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Honeywell and Apollo is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Honeywell Automation India and Apollo Hospitals Enterprise in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Hospitals Ent and Honeywell Automation 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 Honeywell Automation India are associated (or correlated) with Apollo Hospitals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Hospitals Ent has no effect on the direction of Honeywell Automation i.e., Honeywell Automation and Apollo Hospitals go up and down completely randomly.
Pair Corralation between Honeywell Automation and Apollo Hospitals
Assuming the 90 days trading horizon Honeywell Automation India is expected to under-perform the Apollo Hospitals. In addition to that, Honeywell Automation is 1.05 times more volatile than Apollo Hospitals Enterprise. It trades about -0.2 of its total potential returns per unit of risk. Apollo Hospitals Enterprise is currently generating about 0.0 per unit of volatility. If you would invest 688,005 in Apollo Hospitals Enterprise on September 2, 2024 and sell it today you would lose (5,115) from holding Apollo Hospitals Enterprise or give up 0.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Honeywell Automation India vs. Apollo Hospitals Enterprise
Performance |
| Timeline |
| Honeywell Automation |
| Apollo Hospitals Ent |
Honeywell Automation and Apollo Hospitals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Honeywell Automation and Apollo Hospitals
The main advantage of trading using opposite Honeywell Automation and Apollo Hospitals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Honeywell Automation position performs unexpectedly, Apollo Hospitals 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 Apollo Hospitals will offset losses from the drop in Apollo Hospitals' long position.| Honeywell Automation vs. Reliance Industries Limited | Honeywell Automation vs. HDFC Bank Limited | Honeywell Automation vs. Kingfa Science Technology | Honeywell Automation vs. Rico Auto Industries |
| Apollo Hospitals vs. State Bank of | Apollo Hospitals vs. Life Insurance | Apollo Hospitals vs. HDFC Bank Limited | Apollo Hospitals vs. ICICI Bank 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 CEOs Directory module to screen CEOs from public companies around the world.
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