Correlation Between Wattanapat Hospital and Apple
Can any of the company-specific risk be diversified away by investing in both Wattanapat Hospital and Apple 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 Apple 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 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.
Diversification Opportunities for Wattanapat Hospital and Apple
-0.84 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wattanapat and Apple is -0.84. Overlapping area represents the amount of risk that can be diversified away by holding Wattanapat Hospital Trang 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
Assuming the 90 days trading horizon Wattanapat Hospital Trang is expected to generate 1.53 times more return on investment than Apple. However, Wattanapat Hospital is 1.53 times more volatile than Apple Inc. It trades about 0.06 of its potential returns per unit of risk. Apple Inc is currently generating about -0.19 per unit of risk. If you would invest 820.00 in Wattanapat Hospital Trang on January 20, 2024 and sell it today you would earn a total of 20.00 from holding Wattanapat Hospital Trang or generate 2.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Wattanapat Hospital Trang vs. Apple Inc
Performance |
| Timeline |
| Wattanapat Hospital Trang |
| Apple Inc |
Wattanapat Hospital and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wattanapat Hospital and Apple
The main advantage of trading using opposite Wattanapat Hospital and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wattanapat Hospital position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple'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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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