Correlation Between Singhe Hospitals and CEYLON HOSPITALS
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By analyzing existing cross correlation between Singhe Hospitals and CEYLON HOSPITALS PLC, you can compare the effects of market volatilities on Singhe Hospitals and CEYLON HOSPITALS 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 CEYLON HOSPITALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singhe Hospitals and CEYLON HOSPITALS.
Diversification Opportunities for Singhe Hospitals and CEYLON HOSPITALS
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Singhe and CEYLON is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Singhe Hospitals and CEYLON HOSPITALS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CEYLON HOSPITALS 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 CEYLON HOSPITALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CEYLON HOSPITALS PLC has no effect on the direction of Singhe Hospitals i.e., Singhe Hospitals and CEYLON HOSPITALS go up and down completely randomly.
Pair Corralation between Singhe Hospitals and CEYLON HOSPITALS
Assuming the 90 days trading horizon Singhe Hospitals is expected to under-perform the CEYLON HOSPITALS. In addition to that, Singhe Hospitals is 9.98 times more volatile than CEYLON HOSPITALS PLC. It trades about -0.06 of its total potential returns per unit of risk. CEYLON HOSPITALS PLC is currently generating about -0.25 per unit of volatility. If you would invest 9,500 in CEYLON HOSPITALS PLC on August 31, 2024 and sell it today you would lose (80.00) from holding CEYLON HOSPITALS PLC or give up 0.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 60.0% |
| Values | Daily Returns |
Singhe Hospitals vs. CEYLON HOSPITALS PLC
Performance |
| Timeline |
| Singhe Hospitals |
| CEYLON HOSPITALS PLC |
Singhe Hospitals and CEYLON HOSPITALS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singhe Hospitals and CEYLON HOSPITALS
The main advantage of trading using opposite Singhe Hospitals and CEYLON HOSPITALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singhe Hospitals position performs unexpectedly, CEYLON HOSPITALS 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 CEYLON HOSPITALS will offset losses from the drop in CEYLON HOSPITALS's long position.| Singhe Hospitals vs. Asiri Surgical Hospital | Singhe Hospitals vs. CEYLON HOSPITALS PLC | Singhe Hospitals vs. Ceylon Hospitals PLC | Singhe Hospitals vs. Chemanex PLC |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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