Correlation Between AEON Thana and Goodyear Public
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By analyzing existing cross correlation between AEON Thana Sinsap and Goodyear Public, you can compare the effects of market volatilities on AEON Thana and Goodyear Public 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 Goodyear Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEON Thana and Goodyear Public.
Diversification Opportunities for AEON Thana and Goodyear Public
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between AEON and Goodyear is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding AEON Thana Sinsap and Goodyear Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodyear Public 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 Goodyear Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodyear Public has no effect on the direction of AEON Thana i.e., AEON Thana and Goodyear Public go up and down completely randomly.
Pair Corralation between AEON Thana and Goodyear Public
Assuming the 90 days trading horizon AEON Thana Sinsap is expected to generate 1.23 times more return on investment than Goodyear Public. However, AEON Thana is 1.23 times more volatile than Goodyear Public. It trades about 0.08 of its potential returns per unit of risk. Goodyear Public is currently generating about 0.07 per unit of risk. If you would invest 18,864 in AEON Thana Sinsap on August 31, 2024 and sell it today you would lose (6,364) from holding AEON Thana Sinsap or give up 33.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.17% |
| Values | Daily Returns |
AEON Thana Sinsap vs. Goodyear Public
Performance |
| Timeline |
| AEON Thana Sinsap |
| Goodyear Public |
AEON Thana and Goodyear Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEON Thana and Goodyear Public
The main advantage of trading using opposite AEON Thana and Goodyear Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEON Thana position performs unexpectedly, Goodyear Public 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 Goodyear Public will offset losses from the drop in Goodyear Public's long position.| AEON Thana vs. Charoen Pokphand Foods | AEON Thana vs. PINTHONG INDUSTRIAL PARK | AEON Thana vs. TRV Rubber Products | AEON Thana vs. Lohakit Metal Public |
| Goodyear Public vs. Inoue Rubber Public | Goodyear Public vs. Haad Thip Public | Goodyear Public vs. Hwa Fong Rubber | Goodyear Public vs. ICC International 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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