Correlation Between Awanbiru Technology and Mah Sing
Can any of the company-specific risk be diversified away by investing in both Awanbiru Technology and Mah Sing 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 Awanbiru Technology and Mah Sing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Awanbiru Technology Bhd and Mah Sing Group, you can compare the effects of market volatilities on Awanbiru Technology and Mah Sing 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 Awanbiru Technology with a short position of Mah Sing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Awanbiru Technology and Mah Sing.
Diversification Opportunities for Awanbiru Technology and Mah Sing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Awanbiru and Mah is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Awanbiru Technology Bhd and Mah Sing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mah Sing Group and Awanbiru Technology 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 Awanbiru Technology Bhd are associated (or correlated) with Mah Sing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mah Sing Group has no effect on the direction of Awanbiru Technology i.e., Awanbiru Technology and Mah Sing go up and down completely randomly.
Pair Corralation between Awanbiru Technology and Mah Sing
Assuming the 90 days trading horizon Awanbiru Technology Bhd is expected to under-perform the Mah Sing. In addition to that, Awanbiru Technology is 2.06 times more volatile than Mah Sing Group. It trades about -0.12 of its total potential returns per unit of risk. Mah Sing Group is currently generating about -0.14 per unit of volatility. If you would invest 179.00 in Mah Sing Group on August 24, 2024 and sell it today you would lose (8.00) from holding Mah Sing Group or give up 4.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Awanbiru Technology Bhd vs. Mah Sing Group
Performance |
| Timeline |
| Awanbiru Technology Bhd |
| Mah Sing Group |
Awanbiru Technology and Mah Sing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Awanbiru Technology and Mah Sing
The main advantage of trading using opposite Awanbiru Technology and Mah Sing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Awanbiru Technology position performs unexpectedly, Mah Sing 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 Mah Sing will offset losses from the drop in Mah Sing's long position.| Awanbiru Technology vs. IHH Healthcare Bhd | Awanbiru Technology vs. Diversified Gateway Solutions | Awanbiru Technology vs. Datasonic Group Bhd | Awanbiru Technology vs. Sunway Construction Group |
| Mah Sing vs. Fitters Diversified Bhd | Mah Sing vs. Amalgamated Industrial Steel | Mah Sing vs. Digistar Bhd | Mah Sing vs. Minetech Resources Bhd |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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