Correlation Between Yatharth Hospital and Taj GVK
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By analyzing existing cross correlation between Yatharth Hospital Trauma and Taj GVK Hotels, you can compare the effects of market volatilities on Yatharth Hospital and Taj GVK 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 Taj GVK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yatharth Hospital and Taj GVK.
Diversification Opportunities for Yatharth Hospital and Taj GVK
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yatharth and Taj is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Yatharth Hospital Trauma and Taj GVK Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taj GVK Hotels 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 Taj GVK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taj GVK Hotels has no effect on the direction of Yatharth Hospital i.e., Yatharth Hospital and Taj GVK go up and down completely randomly.
Pair Corralation between Yatharth Hospital and Taj GVK
Assuming the 90 days trading horizon Yatharth Hospital Trauma is expected to under-perform the Taj GVK. But the stock apears to be less risky and, when comparing its historical volatility, Yatharth Hospital Trauma is 1.17 times less risky than Taj GVK. The stock trades about -0.22 of its potential returns per unit of risk. The Taj GVK Hotels is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 30,205 in Taj GVK Hotels on August 31, 2024 and sell it today you would earn a total of 4,000 from holding Taj GVK Hotels or generate 13.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yatharth Hospital Trauma vs. Taj GVK Hotels
Performance |
| Timeline |
| Yatharth Hospital Trauma |
| Taj GVK Hotels |
Yatharth Hospital and Taj GVK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yatharth Hospital and Taj GVK
The main advantage of trading using opposite Yatharth Hospital and Taj GVK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yatharth Hospital position performs unexpectedly, Taj GVK 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 Taj GVK will offset losses from the drop in Taj GVK's long position.| Yatharth Hospital vs. MRF Limited | Yatharth Hospital vs. Honeywell Automation India | Yatharth Hospital vs. Page Industries Limited | Yatharth Hospital vs. 3M India Limited |
| Taj GVK vs. Kingfa Science Technology | Taj GVK vs. GTL Limited | Taj GVK vs. Indo Amines Limited | Taj GVK vs. HDFC Mutual Fund |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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