Correlation Between Procter Gamble and Asian Hotels
Specify exactly 2 symbols:
By analyzing existing cross correlation between Procter Gamble Health and Asian Hotels Limited, you can compare the effects of market volatilities on Procter Gamble and Asian Hotels 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 Procter Gamble with a short position of Asian Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Procter Gamble and Asian Hotels.
Diversification Opportunities for Procter Gamble and Asian Hotels
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Procter and Asian is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Procter Gamble Health and Asian Hotels Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asian Hotels Limited and Procter Gamble 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 Procter Gamble Health are associated (or correlated) with Asian Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asian Hotels Limited has no effect on the direction of Procter Gamble i.e., Procter Gamble and Asian Hotels go up and down completely randomly.
Pair Corralation between Procter Gamble and Asian Hotels
Assuming the 90 days trading horizon Procter Gamble is expected to generate 41.56 times less return on investment than Asian Hotels. But when comparing it to its historical volatility, Procter Gamble Health is 2.0 times less risky than Asian Hotels. It trades about 0.01 of its potential returns per unit of risk. Asian Hotels Limited is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 26,369 in Asian Hotels Limited on October 25, 2024 and sell it today you would earn a total of 3,981 from holding Asian Hotels Limited or generate 15.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Procter Gamble Health vs. Asian Hotels Limited
Performance |
| Timeline |
| Procter Gamble Health |
| Asian Hotels Limited |
Procter Gamble and Asian Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Procter Gamble and Asian Hotels
The main advantage of trading using opposite Procter Gamble and Asian Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Procter Gamble position performs unexpectedly, Asian Hotels 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 Asian Hotels will offset losses from the drop in Asian Hotels' long position.| Procter Gamble vs. Kamat Hotels Limited | Procter Gamble vs. Kingfa Science Technology | Procter Gamble vs. Chalet Hotels Limited | Procter Gamble vs. Jaypee Infratech Limited |
| Asian Hotels vs. Sri Havisha Hospitality | Asian Hotels vs. Procter Gamble Health | Asian Hotels vs. PB Fintech Limited | Asian Hotels vs. AXISCADES Technologies 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |