Correlation Between Wattanapat Hospital and WHA Premium
Can any of the company-specific risk be diversified away by investing in both Wattanapat Hospital and WHA Premium at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Wattanapat Hospital and WHA Premium into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wattanapat Hospital Trang and WHA Premium Growth, you can compare the effects of market volatilities on Wattanapat Hospital and WHA Premium 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 WHA Premium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wattanapat Hospital and WHA Premium.
Diversification Opportunities for Wattanapat Hospital and WHA Premium
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Wattanapat and WHA is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Wattanapat Hospital Trang and WHA Premium Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WHA Premium Growth 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 WHA Premium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WHA Premium Growth has no effect on the direction of Wattanapat Hospital i.e., Wattanapat Hospital and WHA Premium go up and down completely randomly.
Pair Corralation between Wattanapat Hospital and WHA Premium
Assuming the 90 days trading horizon Wattanapat Hospital Trang is expected to generate 3.69 times more return on investment than WHA Premium. However, Wattanapat Hospital is 3.69 times more volatile than WHA Premium Growth. It trades about 0.01 of its potential returns per unit of risk. WHA Premium Growth is currently generating about -0.23 per unit of risk. If you would invest 835.00 in Wattanapat Hospital Trang on January 26, 2024 and sell it today you would earn a total of 0.00 from holding Wattanapat Hospital Trang or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wattanapat Hospital Trang vs. WHA Premium Growth
Performance |
| Timeline |
| Wattanapat Hospital Trang |
| WHA Premium Growth |
Wattanapat Hospital and WHA Premium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wattanapat Hospital and WHA Premium
The main advantage of trading using opposite Wattanapat Hospital and WHA Premium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wattanapat Hospital position performs unexpectedly, WHA Premium 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 WHA Premium will offset losses from the drop in WHA Premium'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 |
| WHA Premium vs. Land and Houses | WHA Premium vs. LH Hotel Leasehold | WHA Premium vs. LH Shopping Centers |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |