Correlation Between JINS HOLDINGS and PTT GLBL
Can any of the company-specific risk be diversified away by investing in both JINS HOLDINGS and PTT GLBL 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 JINS HOLDINGS and PTT GLBL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JINS HOLDINGS INC and PTT GLBL CHEM NVDR , you can compare the effects of market volatilities on JINS HOLDINGS and PTT GLBL 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 JINS HOLDINGS with a short position of PTT GLBL. Check out your portfolio center. Please also check ongoing floating volatility patterns of JINS HOLDINGS and PTT GLBL.
Diversification Opportunities for JINS HOLDINGS and PTT GLBL
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JINS and PTT is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding JINS HOLDINGS INC and PTT GLBL CHEM NVDR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTT GLBL CHEM and JINS HOLDINGS 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 JINS HOLDINGS INC are associated (or correlated) with PTT GLBL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTT GLBL CHEM has no effect on the direction of JINS HOLDINGS i.e., JINS HOLDINGS and PTT GLBL go up and down completely randomly.
Pair Corralation between JINS HOLDINGS and PTT GLBL
Assuming the 90 days horizon JINS HOLDINGS INC is expected to generate 0.69 times more return on investment than PTT GLBL. However, JINS HOLDINGS INC is 1.45 times less risky than PTT GLBL. It trades about 0.09 of its potential returns per unit of risk. PTT GLBL CHEM NVDR is currently generating about -0.04 per unit of risk. If you would invest 3,780 in JINS HOLDINGS INC on September 5, 2024 and sell it today you would earn a total of 120.00 from holding JINS HOLDINGS INC or generate 3.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JINS HOLDINGS INC vs. PTT GLBL CHEM NVDR
Performance |
| Timeline |
| JINS HOLDINGS INC |
| PTT GLBL CHEM |
JINS HOLDINGS and PTT GLBL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JINS HOLDINGS and PTT GLBL
The main advantage of trading using opposite JINS HOLDINGS and PTT GLBL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JINS HOLDINGS position performs unexpectedly, PTT GLBL 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 PTT GLBL will offset losses from the drop in PTT GLBL's long position.| JINS HOLDINGS vs. SK TELECOM TDADR | JINS HOLDINGS vs. VIRGIN WINES UK | JINS HOLDINGS vs. COMBA TELECOM SYST | JINS HOLDINGS vs. Broadcom |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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