Correlation Between Wattanapat Hospital and LH Hotel
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By analyzing existing cross correlation between Wattanapat Hospital Trang and LH Hotel Leasehold, you can compare the effects of market volatilities on Wattanapat Hospital and LH Hotel 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 LH Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wattanapat Hospital and LH Hotel.
Diversification Opportunities for Wattanapat Hospital and LH Hotel
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Wattanapat and LHHOTEL is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Wattanapat Hospital Trang and LH Hotel Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LH Hotel 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 LH Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LH Hotel Leasehold has no effect on the direction of Wattanapat Hospital i.e., Wattanapat Hospital and LH Hotel go up and down completely randomly.
Pair Corralation between Wattanapat Hospital and LH Hotel
Assuming the 90 days trading horizon Wattanapat Hospital Trang is expected to generate 2.8 times more return on investment than LH Hotel. However, Wattanapat Hospital is 2.8 times more volatile than LH Hotel Leasehold. It trades about 0.16 of its potential returns per unit of risk. LH Hotel Leasehold is currently generating about 0.11 per unit of risk. If you would invest 476.00 in Wattanapat Hospital Trang on January 25, 2024 and sell it today you would earn a total of 359.00 from holding Wattanapat Hospital Trang or generate 75.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.17% |
| Values | Daily Returns |
Wattanapat Hospital Trang vs. LH Hotel Leasehold
Performance |
| Timeline |
| Wattanapat Hospital Trang |
| LH Hotel Leasehold |
Wattanapat Hospital and LH Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wattanapat Hospital and LH Hotel
The main advantage of trading using opposite Wattanapat Hospital and LH Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wattanapat Hospital position performs unexpectedly, LH Hotel 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 LH Hotel will offset losses from the drop in LH Hotel's long position.| Wattanapat Hospital vs. Bumrungrad Hospital Public | Wattanapat Hospital vs. Ramkhamhaeng Hospital Public | Wattanapat Hospital vs. Thonburi Healthcare Grp | Wattanapat Hospital vs. Bangkok Chain Hospital |
| LH Hotel vs. LH Shopping Centers | LH Hotel vs. Impact Growth REIT | LH Hotel vs. CPN Retail Growth | LH Hotel vs. WHA Premium Growth |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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