Correlation Between HT Media and GPT Healthcare
Specify exactly 2 symbols:
By analyzing existing cross correlation between HT Media Limited and GPT Healthcare, you can compare the effects of market volatilities on HT Media and GPT Healthcare 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 HT Media with a short position of GPT Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of HT Media and GPT Healthcare.
Diversification Opportunities for HT Media and GPT Healthcare
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HTMEDIA and GPT is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding HT Media Limited and GPT Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GPT Healthcare and HT Media 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 HT Media Limited are associated (or correlated) with GPT Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GPT Healthcare has no effect on the direction of HT Media i.e., HT Media and GPT Healthcare go up and down completely randomly.
Pair Corralation between HT Media and GPT Healthcare
Assuming the 90 days trading horizon HT Media is expected to generate 1.14 times less return on investment than GPT Healthcare. But when comparing it to its historical volatility, HT Media Limited is 1.18 times less risky than GPT Healthcare. It trades about 0.16 of its potential returns per unit of risk. GPT Healthcare is currently generating about 0.15 of returns per unit of risk over similar time horizon. 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 | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HT Media Limited vs. GPT Healthcare
Performance |
| Timeline |
| HT Media Limited |
| GPT Healthcare |
HT Media and GPT Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HT Media and GPT Healthcare
The main advantage of trading using opposite HT Media and GPT Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HT Media position performs unexpectedly, GPT Healthcare 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 GPT Healthcare will offset losses from the drop in GPT Healthcare's long position.| HT Media vs. Melstar Information Technologies | HT Media vs. Consolidated Construction Consortium | HT Media vs. Biofil Chemicals Pharmaceuticals | HT Media vs. Indo Borax Chemicals |
| GPT Healthcare vs. Apollo Hospitals Enterprise | GPT Healthcare vs. Fortis Healthcare Limited | GPT Healthcare vs. Global Health Limited | GPT Healthcare vs. Aster DM 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |