Correlation Between Airports and Bhiraj Office
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By analyzing existing cross correlation between Airports of Thailand and Bhiraj Office Leasehold, you can compare the effects of market volatilities on Airports 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 Airports with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of Airports and Bhiraj Office.
Diversification Opportunities for Airports and Bhiraj Office
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Airports and Bhiraj is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Airports of Thailand 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 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 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 Airports i.e., Airports and Bhiraj Office go up and down completely randomly.
Pair Corralation between Airports and Bhiraj Office
Assuming the 90 days trading horizon Airports of Thailand is expected to under-perform the Bhiraj Office. But the stock apears to be less risky and, when comparing its historical volatility, Airports of Thailand is 1.12 times less risky than Bhiraj Office. The stock trades about -0.02 of its potential returns per unit of risk. The Bhiraj Office Leasehold is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 490.00 in Bhiraj Office Leasehold on August 29, 2024 and sell it today you would earn a total of 15.00 from holding Bhiraj Office Leasehold or generate 3.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Airports of Thailand vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| Airports of Thailand |
| Bhiraj Office Leasehold |
Airports and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Airports and Bhiraj Office
The main advantage of trading using opposite Airports and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Airports 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.| Airports vs. CP ALL Public | Airports vs. PTT Public | Airports vs. Kasikornbank Public | Airports vs. Bangkok Dusit Medical |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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