Correlation Between WATTANAPAT HOSPITAL and Apple

By analyzing existing cross correlation between WATTANAPAT HOSPITAL TRANG and Apple Inc you can compare the effects of market volatilities on WATTANAPAT HOSPITAL and Apple 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 Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of WATTANAPAT HOSPITAL and Apple.

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Can any of the company-specific risk be diversified away by investing in both WATTANAPAT HOSPITAL and Apple at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing WATTANAPAT HOSPITAL and Apple into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for WATTANAPAT HOSPITAL and Apple

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Correlation
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Pay attention - limited upside

The 3 months correlation between WATTANAPAT and Apple is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WATTANAPAT HOSPITAL TRANG PUBL and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc 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 Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of WATTANAPAT HOSPITAL i.e. WATTANAPAT HOSPITAL and Apple go up and down completely randomly.

Pair Corralation between WATTANAPAT HOSPITAL and Apple

If you would invest  26,739  in Apple Inc on May 7, 2020 and sell it today you would earn a total of  6,411  from holding Apple Inc or generate 23.98% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

WATTANAPAT HOSPITAL TRANG PUBL  vs.  Apple Inc

 Performance (%) 
      Timeline 
WATTANAPAT HOSPITAL 
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WATTANAPAT HOSPITAL Risk-Adjusted Performance

Over the last 30 days WATTANAPAT HOSPITAL TRANG has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, WATTANAPAT HOSPITAL is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Apple Inc 
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Apple Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.

WATTANAPAT HOSPITAL and Apple Volatility Contrast

Check out your portfolio center. Please also try Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.


 
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