Correlation Between Amata Public and WHA Public
Can any of the company-specific risk be diversified away by investing in both Amata Public and WHA 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 Amata Public and WHA Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amata Public and WHA Public, you can compare the effects of market volatilities on Amata Public and WHA 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 Amata Public with a short position of WHA Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amata Public and WHA Public.
Diversification Opportunities for Amata Public and WHA Public
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Amata and WHA is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Amata Public and WHA Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WHA Public and Amata Public 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 Amata Public are associated (or correlated) with WHA Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WHA Public has no effect on the direction of Amata Public i.e., Amata Public and WHA Public go up and down completely randomly.
Pair Corralation between Amata Public and WHA Public
Assuming the 90 days trading horizon Amata Public is expected to generate 62.09 times more return on investment than WHA Public. However, Amata Public is 62.09 times more volatile than WHA Public. It trades about 0.12 of its potential returns per unit of risk. WHA Public is currently generating about 0.12 per unit of risk. If you would invest 2,130 in Amata Public on August 25, 2024 and sell it today you would earn a total of 920.00 from holding Amata Public or generate 43.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Amata Public vs. WHA Public
Performance |
| Timeline |
| Amata Public |
| WHA Public |
Amata Public and WHA Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amata Public and WHA Public
The main advantage of trading using opposite Amata Public and WHA Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amata Public position performs unexpectedly, WHA 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 WHA Public will offset losses from the drop in WHA Public's long position.| Amata Public vs. WHA Public | Amata Public vs. Banpu Public | Amata Public vs. Advanced Info Service | Amata Public vs. Land and Houses |
| WHA Public vs. Bangkok Dusit Medical | WHA Public vs. Land and Houses | WHA Public vs. BTS Group Holdings | WHA Public vs. Bangkok Expressway and |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |