Correlation Between 2S Metal and Amata Public
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By analyzing existing cross correlation between 2S Metal Public and Amata Public, you can compare the effects of market volatilities on 2S Metal and Amata Public 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 2S Metal with a short position of Amata Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of 2S Metal and Amata Public.
Diversification Opportunities for 2S Metal and Amata Public
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 2S Metal and Amata is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding 2S Metal Public and Amata Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amata Public and 2S Metal 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 2S Metal Public are associated (or correlated) with Amata Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amata Public has no effect on the direction of 2S Metal i.e., 2S Metal and Amata Public go up and down completely randomly.
Pair Corralation between 2S Metal and Amata Public
Assuming the 90 days horizon 2S Metal Public is expected to under-perform the Amata Public. But the stock apears to be less risky and, when comparing its historical volatility, 2S Metal Public is 169.52 times less risky than Amata Public. The stock trades about -0.16 of its potential returns per unit of risk. The Amata Public is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 2,270 in Amata Public on September 4, 2024 and sell it today you would earn a total of 780.00 from holding Amata Public or generate 34.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 72.73% |
| Values | Daily Returns |
2S Metal Public vs. Amata Public
Performance |
| Timeline |
| 2S Metal Public |
| Amata Public |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
2S Metal and Amata Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 2S Metal and Amata Public
The main advantage of trading using opposite 2S Metal and Amata Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 2S Metal position performs unexpectedly, Amata Public 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 Amata Public will offset losses from the drop in Amata Public's long position.| 2S Metal vs. Diamond Building Products | 2S Metal vs. MCS Steel Public | 2S Metal vs. Asia Green Energy | 2S Metal vs. Hwa Fong Rubber |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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