Correlation Between AEON Thana and AEON Thana
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By analyzing existing cross correlation between AEON Thana Sinsap and AEON Thana Sinsap, you can compare the effects of market volatilities on AEON Thana and AEON Thana 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 AEON Thana. Check out your portfolio center. Please also check ongoing floating volatility patterns of AEON Thana and AEON Thana.
Diversification Opportunities for AEON Thana and AEON Thana
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AEON and AEON is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding AEON Thana Sinsap and AEON Thana Sinsap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEON Thana Sinsap 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 AEON Thana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEON Thana Sinsap has no effect on the direction of AEON Thana i.e., AEON Thana and AEON Thana go up and down completely randomly.
Pair Corralation between AEON Thana and AEON Thana
Assuming the 90 days trading horizon AEON Thana Sinsap is expected to under-perform the AEON Thana. But the stock apears to be less risky and, when comparing its historical volatility, AEON Thana Sinsap is 142.2 times less risky than AEON Thana. The stock trades about -0.19 of its potential returns per unit of risk. The AEON Thana Sinsap is currently generating about 0.22 of returns per unit of risk over similar time horizon. 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. AEON Thana Sinsap
Performance |
| Timeline |
| AEON Thana Sinsap |
| AEON Thana Sinsap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
AEON Thana and AEON Thana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AEON Thana and AEON Thana
The main advantage of trading using opposite AEON Thana and AEON Thana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AEON Thana position performs unexpectedly, AEON Thana 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 AEON Thana will offset losses from the drop in AEON Thana's long position.| AEON Thana vs. Thai Steel Cable | AEON Thana vs. Tropical Canning Public | AEON Thana vs. RB Food Supply | AEON Thana vs. Eureka Design 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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