Correlation Between QIIWI GAMES and Thai Beverage
Can any of the company-specific risk be diversified away by investing in both QIIWI GAMES and Thai Beverage 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 QIIWI GAMES and Thai Beverage into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between QIIWI GAMES AB and Thai Beverage Public, you can compare the effects of market volatilities on QIIWI GAMES and Thai Beverage 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 QIIWI GAMES with a short position of Thai Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of QIIWI GAMES and Thai Beverage.
Diversification Opportunities for QIIWI GAMES and Thai Beverage
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between QIIWI and Thai is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding QIIWI GAMES AB and Thai Beverage Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Beverage Public and QIIWI GAMES 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 QIIWI GAMES AB are associated (or correlated) with Thai Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Beverage Public has no effect on the direction of QIIWI GAMES i.e., QIIWI GAMES and Thai Beverage go up and down completely randomly.
Pair Corralation between QIIWI GAMES and Thai Beverage
Assuming the 90 days horizon QIIWI GAMES AB is expected to generate 1.93 times more return on investment than Thai Beverage. However, QIIWI GAMES is 1.93 times more volatile than Thai Beverage Public. It trades about 0.14 of its potential returns per unit of risk. Thai Beverage Public is currently generating about 0.06 per unit of risk. If you would invest 21.00 in QIIWI GAMES AB on August 27, 2024 and sell it today you would earn a total of 3.00 from holding QIIWI GAMES AB or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
QIIWI GAMES AB vs. Thai Beverage Public
Performance |
| Timeline |
| QIIWI GAMES AB |
| Thai Beverage Public |
QIIWI GAMES and Thai Beverage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with QIIWI GAMES and Thai Beverage
The main advantage of trading using opposite QIIWI GAMES and Thai Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QIIWI GAMES position performs unexpectedly, Thai Beverage 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 Thai Beverage will offset losses from the drop in Thai Beverage's long position.| QIIWI GAMES vs. PennyMac Mortgage Investment | QIIWI GAMES vs. PennantPark Investment | QIIWI GAMES vs. Gladstone Investment | QIIWI GAMES vs. FUYO GENERAL LEASE |
| Thai Beverage vs. LGI Homes | Thai Beverage vs. Hisense Home Appliances | Thai Beverage vs. MeVis Medical Solutions | Thai Beverage vs. Neinor Homes SA |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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