Correlation Between AJ Advance and Central Plaza
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By analyzing existing cross correlation between AJ Advance Technology and Central Plaza Hotel, you can compare the effects of market volatilities on AJ Advance and Central Plaza 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 AJ Advance with a short position of Central Plaza. Check out your portfolio center. Please also check ongoing floating volatility patterns of AJ Advance and Central Plaza.
Diversification Opportunities for AJ Advance and Central Plaza
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between AJA and Central is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding AJ Advance Technology and Central Plaza Hotel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Central Plaza Hotel and AJ Advance 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 AJ Advance Technology are associated (or correlated) with Central Plaza. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Central Plaza Hotel has no effect on the direction of AJ Advance i.e., AJ Advance and Central Plaza go up and down completely randomly.
Pair Corralation between AJ Advance and Central Plaza
Assuming the 90 days trading horizon AJ Advance Technology is expected to under-perform the Central Plaza. In addition to that, AJ Advance is 1.32 times more volatile than Central Plaza Hotel. It trades about -0.17 of its total potential returns per unit of risk. Central Plaza Hotel is currently generating about -0.18 per unit of volatility. If you would invest 3,371 in Central Plaza Hotel on October 20, 2024 and sell it today you would lose (371.00) from holding Central Plaza Hotel or give up 11.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
AJ Advance Technology vs. Central Plaza Hotel
Performance |
| Timeline |
| AJ Advance Technology |
| Central Plaza Hotel |
AJ Advance and Central Plaza Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AJ Advance and Central Plaza
The main advantage of trading using opposite AJ Advance and Central Plaza positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AJ Advance position performs unexpectedly, Central Plaza 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 Central Plaza will offset losses from the drop in Central Plaza's long position.| AJ Advance vs. Aqua Public | AJ Advance vs. Advanced Connection | AJ Advance vs. Ekarat Engineering Public | AJ Advance vs. Eternal Energy Public |
| Central Plaza vs. PTT Public | Central Plaza vs. Kasikornbank Public | Central Plaza vs. The Siam Cement | Central Plaza vs. OSOTSPA PCL NVDR |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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