Correlation Between Lamar Advertising and ANGKOR GOLD
Can any of the company-specific risk be diversified away by investing in both Lamar Advertising and ANGKOR GOLD 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 Lamar Advertising and ANGKOR GOLD into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lamar Advertising and ANGKOR GOLD, you can compare the effects of market volatilities on Lamar Advertising and ANGKOR GOLD 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 Lamar Advertising with a short position of ANGKOR GOLD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lamar Advertising and ANGKOR GOLD.
Diversification Opportunities for Lamar Advertising and ANGKOR GOLD
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lamar and ANGKOR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Lamar Advertising and ANGKOR GOLD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANGKOR GOLD and Lamar Advertising 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 Lamar Advertising are associated (or correlated) with ANGKOR GOLD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANGKOR GOLD has no effect on the direction of Lamar Advertising i.e., Lamar Advertising and ANGKOR GOLD go up and down completely randomly.
Pair Corralation between Lamar Advertising and ANGKOR GOLD
If you would invest 8,528 in Lamar Advertising on September 12, 2024 and sell it today you would earn a total of 3,672 from holding Lamar Advertising or generate 43.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Lamar Advertising vs. ANGKOR GOLD
Performance |
| Timeline |
| Lamar Advertising |
| ANGKOR GOLD |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Lamar Advertising and ANGKOR GOLD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lamar Advertising and ANGKOR GOLD
The main advantage of trading using opposite Lamar Advertising and ANGKOR GOLD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lamar Advertising position performs unexpectedly, ANGKOR GOLD 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 ANGKOR GOLD will offset losses from the drop in ANGKOR GOLD's long position.| Lamar Advertising vs. Transport International Holdings | Lamar Advertising vs. ANTA SPORTS PRODUCT | Lamar Advertising vs. Thai Beverage Public | Lamar Advertising vs. Transportadora de Gas |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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