Correlation Between Global Health and Lotus Eye
Specify exactly 2 symbols:
By analyzing existing cross correlation between Global Health Limited and Lotus Eye Hospital, you can compare the effects of market volatilities on Global Health and Lotus Eye 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 Lotus Eye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Health and Lotus Eye.
Diversification Opportunities for Global Health and Lotus Eye
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Global and Lotus is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Global Health Limited and Lotus Eye Hospital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lotus Eye Hospital 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 Lotus Eye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lotus Eye Hospital has no effect on the direction of Global Health i.e., Global Health and Lotus Eye go up and down completely randomly.
Pair Corralation between Global Health and Lotus Eye
Assuming the 90 days trading horizon Global Health Limited is expected to generate 0.6 times more return on investment than Lotus Eye. However, Global Health Limited is 1.66 times less risky than Lotus Eye. It trades about 0.08 of its potential returns per unit of risk. Lotus Eye Hospital is currently generating about 0.01 per unit of risk. If you would invest 61,995 in Global Health Limited on September 2, 2024 and sell it today you would earn a total of 45,520 from holding Global Health Limited or generate 73.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.46% |
| Values | Daily Returns |
Global Health Limited vs. Lotus Eye Hospital
Performance |
| Timeline |
| Global Health Limited |
| Lotus Eye Hospital |
Global Health and Lotus Eye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Health and Lotus Eye
The main advantage of trading using opposite Global Health and Lotus Eye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Health position performs unexpectedly, Lotus Eye 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 Lotus Eye will offset losses from the drop in Lotus Eye's long position.| Global Health vs. LLOYDS METALS AND | Global Health vs. Hindware Home Innovation | Global Health vs. Oriental Hotels Limited | Global Health vs. SINCLAIRS HOTELS ORD |
| Lotus Eye vs. State Bank of | Lotus Eye vs. Life Insurance | Lotus Eye vs. HDFC Bank Limited | Lotus Eye 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Commodity Directory Find actively traded commodities issued by global exchanges |