Correlation Between Ekarat Engineering and Bhiraj Office
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By analyzing existing cross correlation between Ekarat Engineering Public and Bhiraj Office Leasehold, you can compare the effects of market volatilities on Ekarat Engineering and Bhiraj Office 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 Ekarat Engineering with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ekarat Engineering and Bhiraj Office.
Diversification Opportunities for Ekarat Engineering and Bhiraj Office
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ekarat and Bhiraj is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Ekarat Engineering Public and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and Ekarat Engineering 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 Ekarat Engineering Public are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of Ekarat Engineering i.e., Ekarat Engineering and Bhiraj Office go up and down completely randomly.
Pair Corralation between Ekarat Engineering and Bhiraj Office
Assuming the 90 days trading horizon Ekarat Engineering Public is expected to generate 1.33 times more return on investment than Bhiraj Office. However, Ekarat Engineering is 1.33 times more volatile than Bhiraj Office Leasehold. It trades about 0.13 of its potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about 0.01 per unit of risk. If you would invest 91.00 in Ekarat Engineering Public on September 4, 2024 and sell it today you would earn a total of 4.00 from holding Ekarat Engineering Public or generate 4.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ekarat Engineering Public vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| Ekarat Engineering Public |
| Bhiraj Office Leasehold |
Ekarat Engineering and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ekarat Engineering and Bhiraj Office
The main advantage of trading using opposite Ekarat Engineering and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ekarat Engineering position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.| Ekarat Engineering vs. Asia Aviation Public | Ekarat Engineering vs. Bangkok Dusit Medical | Ekarat Engineering vs. Bangkok Expressway and | Ekarat Engineering vs. Airports of Thailand |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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