Correlation Between Singhe Hospitals and ACL Plastics
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By analyzing existing cross correlation between Singhe Hospitals and ACL Plastics PLC, you can compare the effects of market volatilities on Singhe Hospitals and ACL Plastics 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 Singhe Hospitals with a short position of ACL Plastics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singhe Hospitals and ACL Plastics.
Diversification Opportunities for Singhe Hospitals and ACL Plastics
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Singhe and ACL is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Singhe Hospitals and ACL Plastics PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACL Plastics PLC and Singhe Hospitals 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 Singhe Hospitals are associated (or correlated) with ACL Plastics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACL Plastics PLC has no effect on the direction of Singhe Hospitals i.e., Singhe Hospitals and ACL Plastics go up and down completely randomly.
Pair Corralation between Singhe Hospitals and ACL Plastics
Assuming the 90 days trading horizon Singhe Hospitals is expected to generate 6.04 times less return on investment than ACL Plastics. In addition to that, Singhe Hospitals is 3.02 times more volatile than ACL Plastics PLC. It trades about 0.01 of its total potential returns per unit of risk. ACL Plastics PLC is currently generating about 0.23 per unit of volatility. If you would invest 44,300 in ACL Plastics PLC on August 30, 2024 and sell it today you would earn a total of 1,750 from holding ACL Plastics PLC or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Singhe Hospitals vs. ACL Plastics PLC
Performance |
| Timeline |
| Singhe Hospitals |
| ACL Plastics PLC |
Singhe Hospitals and ACL Plastics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singhe Hospitals and ACL Plastics
The main advantage of trading using opposite Singhe Hospitals and ACL Plastics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singhe Hospitals position performs unexpectedly, ACL Plastics 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 ACL Plastics will offset losses from the drop in ACL Plastics' long position.| Singhe Hospitals vs. EX PACK RUGATED CARTONS | Singhe Hospitals vs. Carson Cumberbatch PLC | Singhe Hospitals vs. PANASIAN POWER PLC | Singhe Hospitals vs. Distilleries Company of |
| ACL Plastics vs. EX PACK RUGATED CARTONS | ACL Plastics vs. Carson Cumberbatch PLC | ACL Plastics vs. PANASIAN POWER PLC | ACL Plastics vs. Distilleries Company of |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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