Correlation Between TRANSCORP HOTELS and INDUSTRIAL MEDICAL
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By analyzing existing cross correlation between TRANSCORP HOTELS PLC and INDUSTRIAL MEDICAL GASES, you can compare the effects of market volatilities on TRANSCORP HOTELS and INDUSTRIAL MEDICAL 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 TRANSCORP HOTELS with a short position of INDUSTRIAL MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of TRANSCORP HOTELS and INDUSTRIAL MEDICAL.
Diversification Opportunities for TRANSCORP HOTELS and INDUSTRIAL MEDICAL
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TRANSCORP and INDUSTRIAL is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding TRANSCORP HOTELS PLC and INDUSTRIAL MEDICAL GASES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INDUSTRIAL MEDICAL GASES and TRANSCORP HOTELS 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 TRANSCORP HOTELS PLC are associated (or correlated) with INDUSTRIAL MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INDUSTRIAL MEDICAL GASES has no effect on the direction of TRANSCORP HOTELS i.e., TRANSCORP HOTELS and INDUSTRIAL MEDICAL go up and down completely randomly.
Pair Corralation between TRANSCORP HOTELS and INDUSTRIAL MEDICAL
If you would invest 3,795 in INDUSTRIAL MEDICAL GASES on September 14, 2024 and sell it today you would earn a total of 0.00 from holding INDUSTRIAL MEDICAL GASES or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TRANSCORP HOTELS PLC vs. INDUSTRIAL MEDICAL GASES
Performance |
| Timeline |
| TRANSCORP HOTELS PLC |
| INDUSTRIAL MEDICAL GASES |
TRANSCORP HOTELS and INDUSTRIAL MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TRANSCORP HOTELS and INDUSTRIAL MEDICAL
The main advantage of trading using opposite TRANSCORP HOTELS and INDUSTRIAL MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TRANSCORP HOTELS position performs unexpectedly, INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL will offset losses from the drop in INDUSTRIAL MEDICAL's long position.| TRANSCORP HOTELS vs. GUINEA INSURANCE PLC | TRANSCORP HOTELS vs. SECURE ELECTRONIC TECHNOLOGY | TRANSCORP HOTELS vs. VFD GROUP | TRANSCORP HOTELS vs. IKEJA HOTELS PLC |
| INDUSTRIAL MEDICAL vs. GUINEA INSURANCE PLC | INDUSTRIAL MEDICAL vs. SECURE ELECTRONIC TECHNOLOGY | INDUSTRIAL MEDICAL vs. VFD GROUP | INDUSTRIAL MEDICAL vs. IKEJA HOTELS PLC |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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