Correlation Between Singhe Hospitals and Senkadagala Finance
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By analyzing existing cross correlation between Singhe Hospitals and Senkadagala Finance PLC, you can compare the effects of market volatilities on Singhe Hospitals and Senkadagala Finance 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 Senkadagala Finance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singhe Hospitals and Senkadagala Finance.
Diversification Opportunities for Singhe Hospitals and Senkadagala Finance
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Singhe and Senkadagala is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Singhe Hospitals and Senkadagala Finance PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Senkadagala Finance 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 Senkadagala Finance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Senkadagala Finance PLC has no effect on the direction of Singhe Hospitals i.e., Singhe Hospitals and Senkadagala Finance go up and down completely randomly.
Pair Corralation between Singhe Hospitals and Senkadagala Finance
If you would invest 250.00 in Singhe Hospitals on August 27, 2024 and sell it today you would earn a total of 0.00 from holding Singhe Hospitals or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.11% |
| Values | Daily Returns |
Singhe Hospitals vs. Senkadagala Finance PLC
Performance |
| Timeline |
| Singhe Hospitals |
| Senkadagala Finance PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Singhe Hospitals and Senkadagala Finance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singhe Hospitals and Senkadagala Finance
The main advantage of trading using opposite Singhe Hospitals and Senkadagala Finance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singhe Hospitals position performs unexpectedly, Senkadagala Finance 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 Senkadagala Finance will offset losses from the drop in Senkadagala Finance's long position.| Singhe Hospitals vs. Merchant Bank of | Singhe Hospitals vs. CEYLINCO INSURANCE PLC | Singhe Hospitals vs. Lanka Realty Investments | Singhe Hospitals vs. Union Bank |
| Senkadagala Finance vs. Ceylon Cold Stores | Senkadagala Finance vs. Softlogic Life Insurance | Senkadagala Finance vs. Peoples Insurance PLC | Senkadagala Finance vs. Singhe Hospitals |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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