Correlation Between Singhe Hospitals and Dolphin Hotels
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By analyzing existing cross correlation between Singhe Hospitals and Dolphin Hotels PLC, you can compare the effects of market volatilities on Singhe Hospitals and Dolphin Hotels 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 Dolphin Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singhe Hospitals and Dolphin Hotels.
Diversification Opportunities for Singhe Hospitals and Dolphin Hotels
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Singhe and Dolphin is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Singhe Hospitals and Dolphin Hotels PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dolphin Hotels 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 Dolphin Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dolphin Hotels PLC has no effect on the direction of Singhe Hospitals i.e., Singhe Hospitals and Dolphin Hotels go up and down completely randomly.
Pair Corralation between Singhe Hospitals and Dolphin Hotels
Assuming the 90 days trading horizon Singhe Hospitals is expected to generate 2.36 times more return on investment than Dolphin Hotels. However, Singhe Hospitals is 2.36 times more volatile than Dolphin Hotels PLC. It trades about 0.14 of its potential returns per unit of risk. Dolphin Hotels PLC is currently generating about -0.06 per unit of risk. If you would invest 260.00 in Singhe Hospitals on November 3, 2024 and sell it today you would earn a total of 30.00 from holding Singhe Hospitals or generate 11.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Singhe Hospitals vs. Dolphin Hotels PLC
Performance |
| Timeline |
| Singhe Hospitals |
| Dolphin Hotels PLC |
Singhe Hospitals and Dolphin Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singhe Hospitals and Dolphin Hotels
The main advantage of trading using opposite Singhe Hospitals and Dolphin Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singhe Hospitals position performs unexpectedly, Dolphin Hotels 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 Dolphin Hotels will offset losses from the drop in Dolphin Hotels' long position.| Singhe Hospitals vs. HATTON NATIONAL BANK | Singhe Hospitals vs. Keells Food Products | Singhe Hospitals vs. Carson Cumberbatch PLC | Singhe Hospitals vs. Seylan Bank PLC |
| Dolphin Hotels vs. HNB Finance | Dolphin Hotels vs. Prime Lands Residencies | Dolphin Hotels vs. Jat Holdings PLC | Dolphin Hotels vs. E M L |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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