Correlation Between Asiri Surgical and Asian Hotels
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By analyzing existing cross correlation between Asiri Surgical Hospital and Asian Hotels and, you can compare the effects of market volatilities on Asiri Surgical and Asian Hotels 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 Asiri Surgical with a short position of Asian Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asiri Surgical and Asian Hotels.
Diversification Opportunities for Asiri Surgical and Asian Hotels
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Asiri and Asian is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Asiri Surgical Hospital and Asian Hotels and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asian Hotels and Asiri Surgical 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 Asiri Surgical Hospital are associated (or correlated) with Asian Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asian Hotels has no effect on the direction of Asiri Surgical i.e., Asiri Surgical and Asian Hotels go up and down completely randomly.
Pair Corralation between Asiri Surgical and Asian Hotels
Assuming the 90 days trading horizon Asiri Surgical Hospital is expected to under-perform the Asian Hotels. In addition to that, Asiri Surgical is 1.08 times more volatile than Asian Hotels and. It trades about -0.02 of its total potential returns per unit of risk. Asian Hotels and is currently generating about 0.13 per unit of volatility. If you would invest 5,280 in Asian Hotels and on September 20, 2024 and sell it today you would earn a total of 700.00 from holding Asian Hotels and or generate 13.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Asiri Surgical Hospital vs. Asian Hotels and
Performance |
Timeline |
Asiri Surgical Hospital |
Asian Hotels |
Asiri Surgical and Asian Hotels Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Asiri Surgical and Asian Hotels
The main advantage of trading using opposite Asiri Surgical and Asian Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asiri Surgical position performs unexpectedly, Asian Hotels 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 Asian Hotels will offset losses from the drop in Asian Hotels' long position.Asiri Surgical vs. Ceylon Guardian Investment | ||
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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