Correlation Between Yatharth Hospital and Amrutanjan Health
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By analyzing existing cross correlation between Yatharth Hospital Trauma and Amrutanjan Health Care, you can compare the effects of market volatilities on Yatharth Hospital and Amrutanjan Health 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 Yatharth Hospital with a short position of Amrutanjan Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yatharth Hospital and Amrutanjan Health.
Diversification Opportunities for Yatharth Hospital and Amrutanjan Health
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Yatharth and Amrutanjan is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Yatharth Hospital Trauma and Amrutanjan Health Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amrutanjan Health Care and Yatharth 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 Yatharth Hospital Trauma are associated (or correlated) with Amrutanjan Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amrutanjan Health Care has no effect on the direction of Yatharth Hospital i.e., Yatharth Hospital and Amrutanjan Health go up and down completely randomly.
Pair Corralation between Yatharth Hospital and Amrutanjan Health
Assuming the 90 days trading horizon Yatharth Hospital Trauma is expected to generate 1.27 times more return on investment than Amrutanjan Health. However, Yatharth Hospital is 1.27 times more volatile than Amrutanjan Health Care. It trades about 0.08 of its potential returns per unit of risk. Amrutanjan Health Care is currently generating about 0.04 per unit of risk. If you would invest 38,365 in Yatharth Hospital Trauma on August 25, 2024 and sell it today you would earn a total of 22,840 from holding Yatharth Hospital Trauma or generate 59.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.65% |
| Values | Daily Returns |
Yatharth Hospital Trauma vs. Amrutanjan Health Care
Performance |
| Timeline |
| Yatharth Hospital Trauma |
| Amrutanjan Health Care |
Yatharth Hospital and Amrutanjan Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yatharth Hospital and Amrutanjan Health
The main advantage of trading using opposite Yatharth Hospital and Amrutanjan Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yatharth Hospital position performs unexpectedly, Amrutanjan Health 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 Amrutanjan Health will offset losses from the drop in Amrutanjan Health's long position.| Yatharth Hospital vs. State Bank of | Yatharth Hospital vs. Life Insurance | Yatharth Hospital vs. HDFC Bank Limited | Yatharth Hospital vs. ICICI Bank Limited |
| Amrutanjan Health vs. State Bank of | Amrutanjan Health vs. Life Insurance | Amrutanjan Health vs. HDFC Bank Limited | Amrutanjan Health vs. ICICI Bank 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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