Correlation Between Lotus Eye and Apollo Hospitals
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By analyzing existing cross correlation between Lotus Eye Hospital and Apollo Hospitals Enterprise, you can compare the effects of market volatilities on Lotus Eye 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 Lotus Eye with a short position of Apollo Hospitals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lotus Eye and Apollo Hospitals.
Diversification Opportunities for Lotus Eye and Apollo Hospitals
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Lotus and Apollo is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Lotus Eye Hospital 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 Lotus Eye 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 Lotus Eye Hospital 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 Lotus Eye i.e., Lotus Eye and Apollo Hospitals go up and down completely randomly.
Pair Corralation between Lotus Eye and Apollo Hospitals
Assuming the 90 days trading horizon Lotus Eye Hospital is expected to generate 1.1 times more return on investment than Apollo Hospitals. However, Lotus Eye is 1.1 times more volatile than Apollo Hospitals Enterprise. It trades about 0.1 of its potential returns per unit of risk. Apollo Hospitals Enterprise is currently generating about 0.01 per unit of risk. If you would invest 6,747 in Lotus Eye Hospital on August 30, 2024 and sell it today you would earn a total of 322.00 from holding Lotus Eye Hospital or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Lotus Eye Hospital vs. Apollo Hospitals Enterprise
Performance |
| Timeline |
| Lotus Eye Hospital |
| Apollo Hospitals Ent |
Lotus Eye and Apollo Hospitals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lotus Eye and Apollo Hospitals
The main advantage of trading using opposite Lotus Eye and Apollo Hospitals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lotus Eye 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.| Lotus Eye vs. State Bank of | Lotus Eye vs. Life Insurance | Lotus Eye vs. HDFC Bank Limited | Lotus Eye vs. ICICI Bank Limited |
| 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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