Correlation Between AEON Thana and Asphere Innovations
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By analyzing existing cross correlation between AEON Thana Sinsap and Asphere Innovations Public, you can compare the effects of market volatilities on AEON Thana and Asphere Innovations 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 Asphere Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEON Thana and Asphere Innovations.
Diversification Opportunities for AEON Thana and Asphere Innovations
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between AEON and Asphere is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding AEON Thana Sinsap and Asphere Innovations Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asphere Innovations 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 Asphere Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asphere Innovations has no effect on the direction of AEON Thana i.e., AEON Thana and Asphere Innovations go up and down completely randomly.
Pair Corralation between AEON Thana and Asphere Innovations
Assuming the 90 days trading horizon AEON Thana Sinsap is expected to generate 84.86 times more return on investment than Asphere Innovations. However, AEON Thana is 84.86 times more volatile than Asphere Innovations Public. It trades about 0.22 of its potential returns per unit of risk. Asphere Innovations Public is currently generating about -0.22 per unit of risk. If you would invest 16,575 in AEON Thana Sinsap on September 4, 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 | 72.73% |
| Values | Daily Returns |
AEON Thana Sinsap vs. Asphere Innovations Public
Performance |
| Timeline |
| AEON Thana Sinsap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Asphere Innovations |
AEON Thana and Asphere Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEON Thana and Asphere Innovations
The main advantage of trading using opposite AEON Thana and Asphere Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEON Thana position performs unexpectedly, Asphere Innovations 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 Asphere Innovations will offset losses from the drop in Asphere Innovations' long position.| AEON Thana vs. Multibax Public | AEON Thana vs. Forth Smart Service | AEON Thana vs. LPN Development Public | AEON Thana vs. Jasmine International Public |
| Asphere Innovations vs. SRI TRANG GLOVES | Asphere Innovations vs. AEON Thana Sinsap | Asphere Innovations vs. Asian Alliance International | Asphere Innovations vs. Sikarin Public |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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