Correlation Between Stock Exchange and Rajthanee Hospital
Can any of the company-specific risk be diversified away by investing in both Stock Exchange and Rajthanee 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 Stock Exchange and Rajthanee Hospital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stock Exchange Of and Rajthanee Hospital Public, you can compare the effects of market volatilities on Stock Exchange and Rajthanee 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 Stock Exchange with a short position of Rajthanee Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stock Exchange and Rajthanee Hospital.
Diversification Opportunities for Stock Exchange and Rajthanee Hospital
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Stock and Rajthanee is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Stock Exchange Of and Rajthanee Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rajthanee Hospital Public and Stock Exchange 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 Stock Exchange Of are associated (or correlated) with Rajthanee Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rajthanee Hospital Public has no effect on the direction of Stock Exchange i.e., Stock Exchange and Rajthanee Hospital go up and down completely randomly.
Pair Corralation between Stock Exchange and Rajthanee Hospital
Assuming the 90 days trading horizon Stock Exchange Of is expected to generate 0.24 times more return on investment than Rajthanee Hospital. However, Stock Exchange Of is 4.12 times less risky than Rajthanee Hospital. It trades about -0.04 of its potential returns per unit of risk. Rajthanee Hospital Public is currently generating about -0.09 per unit of risk. If you would invest 145,303 in Stock Exchange Of on August 28, 2024 and sell it today you would lose (972.00) from holding Stock Exchange Of or give up 0.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stock Exchange Of vs. Rajthanee Hospital Public
Performance |
| Timeline |
Stock Exchange and Rajthanee Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Stock Exchange Of
Pair trading matchups for Stock Exchange
Rajthanee Hospital Public
Pair trading matchups for Rajthanee Hospital
Pair Trading with Stock Exchange and Rajthanee Hospital
The main advantage of trading using opposite Stock Exchange and Rajthanee Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stock Exchange position performs unexpectedly, Rajthanee 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 Rajthanee Hospital will offset losses from the drop in Rajthanee Hospital's long position.| Stock Exchange vs. Turnkey Communication Services | Stock Exchange vs. Winnergy Medical Public | Stock Exchange vs. Charoen Pokphand Foods | Stock Exchange vs. Information and Communication |
| Rajthanee Hospital vs. Bangkok Chain Hospital | Rajthanee Hospital vs. Chularat Hospital Public | Rajthanee Hospital vs. Ratchaphruek Hospital Public | Rajthanee Hospital vs. Ekachai Medical Care |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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