Correlation Between Rajthanee Hospital and Major Cineplex
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By analyzing existing cross correlation between Rajthanee Hospital Public and Major Cineplex Group, you can compare the effects of market volatilities on Rajthanee Hospital and Major Cineplex 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 Rajthanee Hospital with a short position of Major Cineplex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rajthanee Hospital and Major Cineplex.
Diversification Opportunities for Rajthanee Hospital and Major Cineplex
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Rajthanee and Major is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Rajthanee Hospital Public and Major Cineplex Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Major Cineplex Group and Rajthanee 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 Rajthanee Hospital Public are associated (or correlated) with Major Cineplex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Major Cineplex Group has no effect on the direction of Rajthanee Hospital i.e., Rajthanee Hospital and Major Cineplex go up and down completely randomly.
Pair Corralation between Rajthanee Hospital and Major Cineplex
Assuming the 90 days trading horizon Rajthanee Hospital Public is expected to under-perform the Major Cineplex. In addition to that, Rajthanee Hospital is 2.2 times more volatile than Major Cineplex Group. It trades about -0.28 of its total potential returns per unit of risk. Major Cineplex Group is currently generating about 0.13 per unit of volatility. If you would invest 1,450 in Major Cineplex Group on September 13, 2024 and sell it today you would earn a total of 40.00 from holding Major Cineplex Group or generate 2.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rajthanee Hospital Public vs. Major Cineplex Group
Performance |
| Timeline |
| Rajthanee Hospital Public |
| Major Cineplex Group |
Rajthanee Hospital and Major Cineplex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rajthanee Hospital and Major Cineplex
The main advantage of trading using opposite Rajthanee Hospital and Major Cineplex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rajthanee Hospital position performs unexpectedly, Major Cineplex 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 Major Cineplex will offset losses from the drop in Major Cineplex's long position.| Rajthanee Hospital vs. Chularat Hospital Public | Rajthanee Hospital vs. Ekachai Medical Care | Rajthanee Hospital vs. Bangkok Chain Hospital | Rajthanee Hospital vs. Srivichaivejvivat Public |
| Major Cineplex vs. The ONE Enterprise | Major Cineplex vs. Yggdrazil Group Public | Major Cineplex vs. More Return Public |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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