Correlation Between Yatharth Hospital and Eros International
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By analyzing existing cross correlation between Yatharth Hospital Trauma and Eros International Media, you can compare the effects of market volatilities on Yatharth Hospital and Eros International 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 Eros International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yatharth Hospital and Eros International.
Diversification Opportunities for Yatharth Hospital and Eros International
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yatharth and Eros is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Yatharth Hospital Trauma and Eros International Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eros International Media 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 Eros International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eros International Media has no effect on the direction of Yatharth Hospital i.e., Yatharth Hospital and Eros International go up and down completely randomly.
Pair Corralation between Yatharth Hospital and Eros International
Assuming the 90 days trading horizon Yatharth Hospital Trauma is expected to generate 0.95 times more return on investment than Eros International. However, Yatharth Hospital Trauma is 1.05 times less risky than Eros International. It trades about -0.18 of its potential returns per unit of risk. Eros International Media is currently generating about -0.17 per unit of risk. If you would invest 66,615 in Yatharth Hospital Trauma on August 28, 2024 and sell it today you would lose (6,155) from holding Yatharth Hospital Trauma or give up 9.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yatharth Hospital Trauma vs. Eros International Media
Performance |
| Timeline |
| Yatharth Hospital Trauma |
| Eros International Media |
Yatharth Hospital and Eros International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yatharth Hospital and Eros International
The main advantage of trading using opposite Yatharth Hospital and Eros International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yatharth Hospital position performs unexpectedly, Eros International 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 Eros International will offset losses from the drop in Eros International's long position.| Yatharth Hospital vs. Indian Railway Finance | Yatharth Hospital vs. Cholamandalam Financial Holdings | Yatharth Hospital vs. Reliance Industries Limited | Yatharth Hospital vs. Tata Consultancy Services |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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