Correlation Between Corsair Gaming and THAI BEVERAGE
Can any of the company-specific risk be diversified away by investing in both Corsair Gaming 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 Corsair Gaming and THAI BEVERAGE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and THAI BEVERAGE, you can compare the effects of market volatilities on Corsair Gaming 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 Corsair Gaming with a short position of THAI BEVERAGE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and THAI BEVERAGE.
Diversification Opportunities for Corsair Gaming and THAI BEVERAGE
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Corsair and THAI is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and THAI BEVERAGE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on THAI BEVERAGE and Corsair Gaming 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 Corsair Gaming 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 has no effect on the direction of Corsair Gaming i.e., Corsair Gaming and THAI BEVERAGE go up and down completely randomly.
Pair Corralation between Corsair Gaming and THAI BEVERAGE
Assuming the 90 days horizon Corsair Gaming is expected to generate 2.17 times more return on investment than THAI BEVERAGE. However, Corsair Gaming is 2.17 times more volatile than THAI BEVERAGE. It trades about 0.2 of its potential returns per unit of risk. THAI BEVERAGE is currently generating about -0.09 per unit of risk. If you would invest 730.00 in Corsair Gaming on December 11, 2024 and sell it today you would earn a total of 291.00 from holding Corsair Gaming or generate 39.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Corsair Gaming vs. THAI BEVERAGE
Performance |
| Timeline |
| Corsair Gaming |
| THAI BEVERAGE |
Corsair Gaming and THAI BEVERAGE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corsair Gaming and THAI BEVERAGE
The main advantage of trading using opposite Corsair Gaming and THAI BEVERAGE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming 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.| Corsair Gaming vs. SALESFORCE INC CDR | Corsair Gaming vs. Solstad Offshore ASA | Corsair Gaming vs. BW OFFSHORE LTD | Corsair Gaming vs. GOME Retail Holdings |
| THAI BEVERAGE vs. UNIQA INSURANCE GR | THAI BEVERAGE vs. REVO INSURANCE SPA | THAI BEVERAGE vs. Cars Inc | THAI BEVERAGE vs. NORTHEAST UTILITIES |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |