Correlation Between Ama Marine and Getabec Public
Can any of the company-specific risk be diversified away by investing in both Ama Marine and Getabec Public 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 Ama Marine and Getabec Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ama Marine Public and Getabec Public, you can compare the effects of market volatilities on Ama Marine and Getabec 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 Ama Marine with a short position of Getabec Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ama Marine and Getabec Public.
Diversification Opportunities for Ama Marine and Getabec Public
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ama and Getabec is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Ama Marine Public and Getabec Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getabec Public and Ama Marine 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 Ama Marine Public are associated (or correlated) with Getabec Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getabec Public has no effect on the direction of Ama Marine i.e., Ama Marine and Getabec Public go up and down completely randomly.
Pair Corralation between Ama Marine and Getabec Public
Assuming the 90 days trading horizon Ama Marine Public is expected to under-perform the Getabec Public. But the stock apears to be less risky and, when comparing its historical volatility, Ama Marine Public is 2.32 times less risky than Getabec Public. The stock trades about -0.2 of its potential returns per unit of risk. The Getabec Public is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 74.00 in Getabec Public on August 25, 2024 and sell it today you would lose (2.00) from holding Getabec Public or give up 2.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ama Marine Public vs. Getabec Public
Performance |
| Timeline |
| Ama Marine Public |
| Getabec Public |
Ama Marine and Getabec Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ama Marine and Getabec Public
The main advantage of trading using opposite Ama Marine and Getabec Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ama Marine position performs unexpectedly, Getabec 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 Getabec Public will offset losses from the drop in Getabec Public's long position.| Ama Marine vs. Arrow Syndicate Public | Ama Marine vs. After You Public | Ama Marine vs. Union Auction Public | Ama Marine vs. Akkhie Prakarn 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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