Correlation Between Asbury Automotive and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Asbury Automotive and Siam Makro 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 Asbury Automotive and Siam Makro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asbury Automotive Group and Siam Makro PCL, you can compare the effects of market volatilities on Asbury Automotive and Siam Makro 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 Asbury Automotive with a short position of Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asbury Automotive and Siam Makro.
Diversification Opportunities for Asbury Automotive and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Asbury and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Asbury Automotive Group and Siam Makro PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Makro PCL and Asbury Automotive 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 Asbury Automotive Group are associated (or correlated) with Siam Makro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Makro PCL has no effect on the direction of Asbury Automotive i.e., Asbury Automotive and Siam Makro go up and down completely randomly.
Pair Corralation between Asbury Automotive and Siam Makro
If you would invest 21,293 in Asbury Automotive Group on September 12, 2024 and sell it today you would earn a total of 4,270 from holding Asbury Automotive Group or generate 20.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Asbury Automotive Group vs. Siam Makro PCL
Performance |
| Timeline |
| Asbury Automotive |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Asbury Automotive and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asbury Automotive and Siam Makro
The main advantage of trading using opposite Asbury Automotive and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asbury Automotive position performs unexpectedly, Siam Makro 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 Siam Makro will offset losses from the drop in Siam Makro's long position.| Asbury Automotive vs. Sonic Automotive | Asbury Automotive vs. Lithia Motors | Asbury Automotive vs. AutoNation | Asbury Automotive vs. Penske Automotive Group |
| Siam Makro vs. Ispire Technology Common | Siam Makro vs. Scandinavian Tobacco Group | Siam Makro vs. Academy Sports Outdoors | Siam Makro vs. Marine Products |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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