Correlation Between Prodigy Public and Mahachai Hospital
Can any of the company-specific risk be diversified away by investing in both Prodigy Public and Mahachai Hospital at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Prodigy Public and Mahachai Hospital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Prodigy Public and Mahachai Hospital Public, you can compare the effects of market volatilities on Prodigy Public and Mahachai Hospital 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 Prodigy Public with a short position of Mahachai Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Prodigy Public and Mahachai Hospital.
Diversification Opportunities for Prodigy Public and Mahachai Hospital
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Prodigy and Mahachai is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Prodigy Public and Mahachai Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mahachai Hospital Public and Prodigy Public 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 Prodigy Public are associated (or correlated) with Mahachai Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mahachai Hospital Public has no effect on the direction of Prodigy Public i.e., Prodigy Public and Mahachai Hospital go up and down completely randomly.
Pair Corralation between Prodigy Public and Mahachai Hospital
Assuming the 90 days trading horizon Prodigy Public is expected to under-perform the Mahachai Hospital. In addition to that, Prodigy Public is 1.03 times more volatile than Mahachai Hospital Public. It trades about -0.16 of its total potential returns per unit of risk. Mahachai Hospital Public is currently generating about 0.0 per unit of volatility. If you would invest 2,900 in Mahachai Hospital Public on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Mahachai Hospital Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Prodigy Public vs. Mahachai Hospital Public
Performance |
| Timeline |
| Prodigy Public |
| Mahachai Hospital Public |
Prodigy Public and Mahachai Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Prodigy Public and Mahachai Hospital
The main advantage of trading using opposite Prodigy Public and Mahachai Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Prodigy Public position performs unexpectedly, Mahachai Hospital 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 Mahachai Hospital will offset losses from the drop in Mahachai Hospital's long position.| Prodigy Public vs. Mahachai Hospital Public | Prodigy Public vs. Royal Orchid Hotel | Prodigy Public vs. Taokaenoi Food Marketing | Prodigy Public vs. Central Plaza Hotel |
| Mahachai Hospital vs. Rajthanee Hospital Public | Mahachai Hospital vs. Chularat Hospital Public | Mahachai Hospital vs. Ekachai Medical Care | Mahachai Hospital vs. Bangkok Chain Hospital |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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