Correlation Between TTK Healthcare and Indraprastha Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between TTK Healthcare Limited and Indraprastha Medical, you can compare the effects of market volatilities on TTK Healthcare and Indraprastha 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 TTK Healthcare with a short position of Indraprastha Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of TTK Healthcare and Indraprastha Medical.
Diversification Opportunities for TTK Healthcare and Indraprastha Medical
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between TTK and Indraprastha is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding TTK Healthcare Limited and Indraprastha Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indraprastha Medical and TTK Healthcare 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 TTK Healthcare Limited are associated (or correlated) with Indraprastha Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indraprastha Medical has no effect on the direction of TTK Healthcare i.e., TTK Healthcare and Indraprastha Medical go up and down completely randomly.
Pair Corralation between TTK Healthcare and Indraprastha Medical
Assuming the 90 days trading horizon TTK Healthcare Limited is expected to under-perform the Indraprastha Medical. But the stock apears to be less risky and, when comparing its historical volatility, TTK Healthcare Limited is 1.67 times less risky than Indraprastha Medical. The stock trades about -0.05 of its potential returns per unit of risk. The Indraprastha Medical is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 38,725 in Indraprastha Medical on August 26, 2024 and sell it today you would earn a total of 3,190 from holding Indraprastha Medical or generate 8.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TTK Healthcare Limited vs. Indraprastha Medical
Performance |
| Timeline |
| TTK Healthcare |
| Indraprastha Medical |
TTK Healthcare and Indraprastha Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TTK Healthcare and Indraprastha Medical
The main advantage of trading using opposite TTK Healthcare and Indraprastha Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TTK Healthcare position performs unexpectedly, Indraprastha 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 Indraprastha Medical will offset losses from the drop in Indraprastha Medical's long position.| TTK Healthcare vs. Kingfa Science Technology | TTK Healthcare vs. Rico Auto Industries | TTK Healthcare vs. GACM Technologies Limited | TTK Healthcare vs. COSMO FIRST LIMITED |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |