Correlation Between Autocorp Holding and After You
Can any of the company-specific risk be diversified away by investing in both Autocorp Holding and After You 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 Autocorp Holding and After You into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autocorp Holding Public and After You Public, you can compare the effects of market volatilities on Autocorp Holding and After You 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 Autocorp Holding with a short position of After You. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autocorp Holding and After You.
Diversification Opportunities for Autocorp Holding and After You
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Autocorp and After is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Autocorp Holding Public and After You Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on After You Public and Autocorp Holding 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 Autocorp Holding Public are associated (or correlated) with After You. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of After You Public has no effect on the direction of Autocorp Holding i.e., Autocorp Holding and After You go up and down completely randomly.
Pair Corralation between Autocorp Holding and After You
Assuming the 90 days trading horizon Autocorp Holding Public is expected to under-perform the After You. In addition to that, Autocorp Holding is 1.01 times more volatile than After You Public. It trades about -0.25 of its total potential returns per unit of risk. After You Public is currently generating about 0.08 per unit of volatility. If you would invest 1,070 in After You Public on September 1, 2024 and sell it today you would earn a total of 30.00 from holding After You Public or generate 2.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Autocorp Holding Public vs. After You Public
Performance |
| Timeline |
| Autocorp Holding Public |
| After You Public |
Autocorp Holding and After You Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autocorp Holding and After You
The main advantage of trading using opposite Autocorp Holding and After You positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autocorp Holding position performs unexpectedly, After You 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 After You will offset losses from the drop in After You's long position.| Autocorp Holding vs. Amanah Leasing Public | Autocorp Holding vs. Asia Fiber Public | Autocorp Holding vs. Ingress Industrial Public | Autocorp Holding vs. Ekarat Engineering Public |
| After You vs. CP ALL Public | After You vs. BTS Group Holdings | After You vs. Minor International Public | After You vs. Airports of Thailand |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |