Correlation Between Airports and Amata Public
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By analyzing existing cross correlation between Airports of Thailand and Amata Public, you can compare the effects of market volatilities on Airports and Amata 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 Airports with a short position of Amata Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Airports and Amata Public.
Diversification Opportunities for Airports and Amata Public
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Airports and Amata is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Airports of Thailand and Amata Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amata Public and Airports 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 Airports of Thailand are associated (or correlated) with Amata Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amata Public has no effect on the direction of Airports i.e., Airports and Amata Public go up and down completely randomly.
Pair Corralation between Airports and Amata Public
Assuming the 90 days trading horizon Airports of Thailand is expected to under-perform the Amata Public. But the stock apears to be less risky and, when comparing its historical volatility, Airports of Thailand is 58.22 times less risky than Amata Public. The stock trades about -0.02 of its potential returns per unit of risk. The Amata Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,013 in Amata Public on September 14, 2024 and sell it today you would earn a total of 257.00 from holding Amata Public or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.38% |
| Values | Daily Returns |
Airports of Thailand vs. Amata Public
Performance |
| Timeline |
| Airports of Thailand |
| Amata Public |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Airports and Amata Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Airports and Amata Public
The main advantage of trading using opposite Airports and Amata Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Airports position performs unexpectedly, Amata 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 Amata Public will offset losses from the drop in Amata Public's long position.| Airports vs. CP ALL Public | Airports vs. PTT Public | Airports vs. Kasikornbank Public | Airports vs. Bangkok Dusit Medical |
| Amata Public vs. Property Perfect Public | Amata Public vs. The Erawan Group | Amata Public vs. Jay Mart Public | Amata Public vs. Airports of Thailand |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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