Correlation Between AEON Thana and Asian Alliance
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By analyzing existing cross correlation between AEON Thana Sinsap and Asian Alliance International, you can compare the effects of market volatilities on AEON Thana and Asian Alliance 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 AEON Thana with a short position of Asian Alliance. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEON Thana and Asian Alliance.
Diversification Opportunities for AEON Thana and Asian Alliance
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AEON and Asian is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding AEON Thana Sinsap and Asian Alliance International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asian Alliance Inter and AEON Thana 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 AEON Thana Sinsap are associated (or correlated) with Asian Alliance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asian Alliance Inter has no effect on the direction of AEON Thana i.e., AEON Thana and Asian Alliance go up and down completely randomly.
Pair Corralation between AEON Thana and Asian Alliance
Assuming the 90 days trading horizon AEON Thana Sinsap is expected to generate 131.74 times more return on investment than Asian Alliance. However, AEON Thana is 131.74 times more volatile than Asian Alliance International. It trades about 0.22 of its potential returns per unit of risk. Asian Alliance International is currently generating about -0.12 per unit of risk. If you would invest 16,575 in AEON Thana Sinsap on September 5, 2024 and sell it today you would lose (4,075) from holding AEON Thana Sinsap or give up 24.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 69.57% |
| Values | Daily Returns |
AEON Thana Sinsap vs. Asian Alliance International
Performance |
| Timeline |
| AEON Thana Sinsap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Asian Alliance Inter |
AEON Thana and Asian Alliance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEON Thana and Asian Alliance
The main advantage of trading using opposite AEON Thana and Asian Alliance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEON Thana position performs unexpectedly, Asian Alliance 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 Asian Alliance will offset losses from the drop in Asian Alliance's long position.| AEON Thana vs. City Sports and | AEON Thana vs. Charan Insurance Public | AEON Thana vs. Plan B Media | AEON Thana vs. Mena Transport Public |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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