Correlation Between Growth Fund and SKijchai Enterprise
Can any of the company-specific risk be diversified away by investing in both Growth Fund and SKijchai Enterprise 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 Growth Fund and SKijchai Enterprise into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Growth Fund Of and SKijchai Enterprise Public, you can compare the effects of market volatilities on Growth Fund and SKijchai Enterprise 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 Growth Fund with a short position of SKijchai Enterprise. Check out your portfolio center. Please also check ongoing floating volatility patterns of Growth Fund and SKijchai Enterprise.
Diversification Opportunities for Growth Fund and SKijchai Enterprise
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Growth and SKijchai is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Growth Fund Of and SKijchai Enterprise Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SKijchai Enterprise and Growth Fund 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 Growth Fund Of are associated (or correlated) with SKijchai Enterprise. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SKijchai Enterprise has no effect on the direction of Growth Fund i.e., Growth Fund and SKijchai Enterprise go up and down completely randomly.
Pair Corralation between Growth Fund and SKijchai Enterprise
Assuming the 90 days horizon Growth Fund is expected to generate 1.15 times less return on investment than SKijchai Enterprise. But when comparing it to its historical volatility, Growth Fund Of is 2.35 times less risky than SKijchai Enterprise. It trades about 0.17 of its potential returns per unit of risk. SKijchai Enterprise Public is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 520.00 in SKijchai Enterprise Public on November 4, 2024 and sell it today you would earn a total of 20.00 from holding SKijchai Enterprise Public or generate 3.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Growth Fund Of vs. SKijchai Enterprise Public
Performance |
| Timeline |
| Growth Fund |
| SKijchai Enterprise |
Growth Fund and SKijchai Enterprise Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Growth Fund and SKijchai Enterprise
The main advantage of trading using opposite Growth Fund and SKijchai Enterprise positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Growth Fund position performs unexpectedly, SKijchai Enterprise 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 SKijchai Enterprise will offset losses from the drop in SKijchai Enterprise's long position.| Growth Fund vs. Capital World Growth | Growth Fund vs. Europacific Growth Fund | Growth Fund vs. New Perspective Fund | Growth Fund vs. Investment Of America |
| SKijchai Enterprise vs. Thoresen Thai Agencies | SKijchai Enterprise vs. Regional Container Lines | SKijchai Enterprise vs. The Siam Cement | SKijchai Enterprise vs. PTT 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |