Correlation Between Ramkhamhaeng Hospital and Bhiraj Office
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ramkhamhaeng Hospital Public and Bhiraj Office Leasehold, you can compare the effects of market volatilities on Ramkhamhaeng Hospital and Bhiraj Office 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 Ramkhamhaeng Hospital with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ramkhamhaeng Hospital and Bhiraj Office.
Diversification Opportunities for Ramkhamhaeng Hospital and Bhiraj Office
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ramkhamhaeng and Bhiraj is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Ramkhamhaeng Hospital Public and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and Ramkhamhaeng Hospital 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 Ramkhamhaeng Hospital Public are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of Ramkhamhaeng Hospital i.e., Ramkhamhaeng Hospital and Bhiraj Office go up and down completely randomly.
Pair Corralation between Ramkhamhaeng Hospital and Bhiraj Office
Assuming the 90 days trading horizon Ramkhamhaeng Hospital Public is expected to under-perform the Bhiraj Office. In addition to that, Ramkhamhaeng Hospital is 1.29 times more volatile than Bhiraj Office Leasehold. It trades about -0.02 of its total potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about 0.09 per unit of volatility. If you would invest 490.00 in Bhiraj Office Leasehold on September 3, 2024 and sell it today you would earn a total of 20.00 from holding Bhiraj Office Leasehold or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ramkhamhaeng Hospital Public vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| Ramkhamhaeng Hospital |
| Bhiraj Office Leasehold |
Ramkhamhaeng Hospital and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ramkhamhaeng Hospital and Bhiraj Office
The main advantage of trading using opposite Ramkhamhaeng Hospital and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ramkhamhaeng Hospital position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.| Ramkhamhaeng Hospital vs. Bangkok Dusit Medical | Ramkhamhaeng Hospital vs. CP ALL Public | Ramkhamhaeng Hospital vs. Central Pattana Public | Ramkhamhaeng Hospital vs. Airports of Thailand |
| Bhiraj Office vs. Delta Electronics Public | Bhiraj Office vs. Delta Electronics Public | Bhiraj Office vs. Airports of Thailand | Bhiraj Office vs. Airports of Thailand |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |