Correlation Between Acme United and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Acme United 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 Acme United and Siam Makro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Acme United and Siam Makro PCL, you can compare the effects of market volatilities on Acme United 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 Acme United with a short position of Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acme United and Siam Makro.
Diversification Opportunities for Acme United and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Acme and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Acme United 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 Acme United 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 Acme United 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 Acme United i.e., Acme United and Siam Makro go up and down completely randomly.
Pair Corralation between Acme United and Siam Makro
If you would invest 3,612 in Acme United on September 5, 2024 and sell it today you would earn a total of 744.00 from holding Acme United or generate 20.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 37.6% |
| Values | Daily Returns |
Acme United vs. Siam Makro PCL
Performance |
| Timeline |
| Acme United |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Acme United and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acme United and Siam Makro
The main advantage of trading using opposite Acme United and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acme United 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.| Acme United vs. Mannatech Incorporated | Acme United vs. European Wax Center | Acme United vs. Inter Parfums | Acme United vs. Spectrum Brands Holdings |
| Siam Makro vs. Eastern Co | Siam Makro vs. Virgin Group Acquisition | Siam Makro vs. Acme United | Siam Makro vs. Skechers USA |
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.
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