Correlation Between Global Health and Apollo Hospitals
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By analyzing existing cross correlation between Global Health Limited and Apollo Hospitals Enterprise, you can compare the effects of market volatilities on Global Health 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 Global Health with a short position of Apollo Hospitals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Health and Apollo Hospitals.
Diversification Opportunities for Global Health and Apollo Hospitals
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Global and Apollo is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Global Health Limited 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 Global Health 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 Global Health Limited 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 Global Health i.e., Global Health and Apollo Hospitals go up and down completely randomly.
Pair Corralation between Global Health and Apollo Hospitals
Assuming the 90 days trading horizon Global Health Limited is expected to generate 1.79 times more return on investment than Apollo Hospitals. However, Global Health is 1.79 times more volatile than Apollo Hospitals Enterprise. It trades about 0.28 of its potential returns per unit of risk. Apollo Hospitals Enterprise is currently generating about -0.18 per unit of risk. If you would invest 102,110 in Global Health Limited on November 28, 2024 and sell it today you would earn a total of 19,085 from holding Global Health Limited or generate 18.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Global Health Limited vs. Apollo Hospitals Enterprise
Performance |
| Timeline |
| Global Health Limited |
| Apollo Hospitals Ent |
Global Health and Apollo Hospitals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Health and Apollo Hospitals
The main advantage of trading using opposite Global Health and Apollo Hospitals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Health 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.| Global Health vs. Dhanuka Agritech Limited | Global Health vs. Landmark Cars Limited | Global Health vs. Nazara Technologies Limited | Global Health vs. Orient Technologies Limited |
| Apollo Hospitals vs. Satin Creditcare Network | Apollo Hospitals vs. Arman Financial Services | Apollo Hospitals vs. CSB Bank Limited | Apollo Hospitals vs. IDFC First Bank |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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