Correlation Between Wattanapat Hospital and Grande Hospitality
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By analyzing existing cross correlation between Wattanapat Hospital Trang and Grande Hospitality Real, you can compare the effects of market volatilities on Wattanapat Hospital and Grande Hospitality 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 Wattanapat Hospital with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wattanapat Hospital and Grande Hospitality.
Diversification Opportunities for Wattanapat Hospital and Grande Hospitality
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wattanapat and Grande is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Wattanapat Hospital Trang and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and Wattanapat Hospital 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 Wattanapat Hospital Trang are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Wattanapat Hospital i.e., Wattanapat Hospital and Grande Hospitality go up and down completely randomly.
Pair Corralation between Wattanapat Hospital and Grande Hospitality
Assuming the 90 days trading horizon Wattanapat Hospital Trang is expected to under-perform the Grande Hospitality. In addition to that, Wattanapat Hospital is 2.82 times more volatile than Grande Hospitality Real. It trades about -0.13 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about -0.08 per unit of volatility. If you would invest 680.00 in Grande Hospitality Real on November 2, 2024 and sell it today you would lose (10.00) from holding Grande Hospitality Real or give up 1.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wattanapat Hospital Trang vs. Grande Hospitality Real
Performance |
| Timeline |
| Wattanapat Hospital Trang |
| Grande Hospitality Real |
Wattanapat Hospital and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wattanapat Hospital and Grande Hospitality
The main advantage of trading using opposite Wattanapat Hospital and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wattanapat Hospital position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| Wattanapat Hospital vs. Chularat Hospital Public | Wattanapat Hospital vs. Bangkok Chain Hospital | Wattanapat Hospital vs. Ekachai Medical Care | Wattanapat Hospital vs. Vibhavadi Medical Center |
| Grande Hospitality vs. Delta Electronics Public | Grande Hospitality vs. Delta Electronics Public | Grande Hospitality vs. Airports of Thailand | Grande Hospitality vs. Airports of Thailand |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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