Correlation Between Wattanapat Hospital and Future Park
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By analyzing existing cross correlation between Wattanapat Hospital Trang and Future Park Leasehold, you can compare the effects of market volatilities on Wattanapat Hospital and Future Park 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 Future Park. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wattanapat Hospital and Future Park.
Diversification Opportunities for Wattanapat Hospital and Future Park
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Wattanapat and Future is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Wattanapat Hospital Trang and Future Park Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Park Leasehold 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 Future Park. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Park Leasehold has no effect on the direction of Wattanapat Hospital i.e., Wattanapat Hospital and Future Park go up and down completely randomly.
Pair Corralation between Wattanapat Hospital and Future Park
Assuming the 90 days trading horizon Wattanapat Hospital is expected to generate 20.0 times less return on investment than Future Park. But when comparing it to its historical volatility, Wattanapat Hospital Trang is 24.57 times less risky than Future Park. It trades about 0.09 of its potential returns per unit of risk. Future Park Leasehold is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,275 in Future Park Leasehold on January 24, 2024 and sell it today you would lose (115.00) from holding Future Park Leasehold or give up 9.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wattanapat Hospital Trang vs. Future Park Leasehold
Performance |
| Timeline |
| Wattanapat Hospital Trang |
| Future Park Leasehold |
Wattanapat Hospital and Future Park Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wattanapat Hospital and Future Park
The main advantage of trading using opposite Wattanapat Hospital and Future Park positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wattanapat Hospital position performs unexpectedly, Future Park 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 Future Park will offset losses from the drop in Future Park's long position.| Wattanapat Hospital vs. Vibhavadi Medical Center | Wattanapat Hospital vs. Ladprao General Hospital | Wattanapat Hospital vs. Ekachai Medical Care | Wattanapat Hospital vs. Chularat Hospital Public |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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