Correlation Between FIRST SAVINGS and Siamgas
Can any of the company-specific risk be diversified away by investing in both FIRST SAVINGS and Siamgas 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 FIRST SAVINGS and Siamgas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FIRST SAVINGS FINL and Siamgas And Petrochemicals, you can compare the effects of market volatilities on FIRST SAVINGS and Siamgas 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 FIRST SAVINGS with a short position of Siamgas. Check out your portfolio center. Please also check ongoing floating volatility patterns of FIRST SAVINGS and Siamgas.
Diversification Opportunities for FIRST SAVINGS and Siamgas
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between FIRST and Siamgas is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding FIRST SAVINGS FINL and Siamgas And Petrochemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siamgas And Petroche and FIRST SAVINGS 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 FIRST SAVINGS FINL are associated (or correlated) with Siamgas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siamgas And Petroche has no effect on the direction of FIRST SAVINGS i.e., FIRST SAVINGS and Siamgas go up and down completely randomly.
Pair Corralation between FIRST SAVINGS and Siamgas
Assuming the 90 days horizon FIRST SAVINGS FINL is expected to under-perform the Siamgas. In addition to that, FIRST SAVINGS is 1.43 times more volatile than Siamgas And Petrochemicals. It trades about -0.14 of its total potential returns per unit of risk. Siamgas And Petrochemicals is currently generating about 0.01 per unit of volatility. If you would invest 18.00 in Siamgas And Petrochemicals on October 14, 2024 and sell it today you would earn a total of 0.00 from holding Siamgas And Petrochemicals or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FIRST SAVINGS FINL vs. Siamgas And Petrochemicals
Performance |
| Timeline |
| FIRST SAVINGS FINL |
| Siamgas And Petroche |
FIRST SAVINGS and Siamgas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FIRST SAVINGS and Siamgas
The main advantage of trading using opposite FIRST SAVINGS and Siamgas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIRST SAVINGS position performs unexpectedly, Siamgas 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 Siamgas will offset losses from the drop in Siamgas' long position.| FIRST SAVINGS vs. Amkor Technology | FIRST SAVINGS vs. AAC TECHNOLOGHLDGADR | FIRST SAVINGS vs. GLG LIFE TECH | FIRST SAVINGS vs. Easy Software AG |
| Siamgas vs. SOUTHWEST AIRLINES | Siamgas vs. Astral Foods Limited | Siamgas vs. COFCO Joycome Foods | Siamgas vs. Aegean Airlines 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |