Correlation Between AJ Advance and Thaicom Public
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By analyzing existing cross correlation between AJ Advance Technology and Thaicom Public, you can compare the effects of market volatilities on AJ Advance and Thaicom 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 AJ Advance with a short position of Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of AJ Advance and Thaicom Public.
Diversification Opportunities for AJ Advance and Thaicom Public
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AJA and Thaicom is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding AJ Advance Technology and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom Public 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 Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of AJ Advance i.e., AJ Advance and Thaicom Public go up and down completely randomly.
Pair Corralation between AJ Advance and Thaicom Public
Assuming the 90 days trading horizon AJ Advance Technology is expected to generate 1.01 times more return on investment than Thaicom Public. However, AJ Advance is 1.01 times more volatile than Thaicom Public. It trades about 0.06 of its potential returns per unit of risk. Thaicom Public is currently generating about 0.06 per unit of risk. If you would invest 16.00 in AJ Advance Technology on September 14, 2024 and sell it today you would lose (1.00) from holding AJ Advance Technology or give up 6.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AJ Advance Technology vs. Thaicom Public
Performance |
| Timeline |
| AJ Advance Technology |
| Thaicom Public |
AJ Advance and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AJ Advance and Thaicom Public
The main advantage of trading using opposite AJ Advance and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AJ Advance position performs unexpectedly, Thaicom 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 Thaicom Public will offset losses from the drop in Thaicom Public'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 |
| Thaicom Public vs. Information and Communication | Thaicom Public vs. AJ Advance Technology | Thaicom Public vs. Kiattana Transport Public | Thaicom Public vs. Thai Energy Storage |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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