Correlation Between AP Public and Ekachai Medical
Can any of the company-specific risk be diversified away by investing in both AP Public and Ekachai Medical 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 AP Public and Ekachai Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AP Public and Ekachai Medical Care, you can compare the effects of market volatilities on AP Public and Ekachai Medical 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 AP Public with a short position of Ekachai Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of AP Public and Ekachai Medical.
Diversification Opportunities for AP Public and Ekachai Medical
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AP Public and Ekachai is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding AP Public and Ekachai Medical Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ekachai Medical Care and AP 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 AP Public are associated (or correlated) with Ekachai Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ekachai Medical Care has no effect on the direction of AP Public i.e., AP Public and Ekachai Medical go up and down completely randomly.
Pair Corralation between AP Public and Ekachai Medical
Assuming the 90 days horizon AP Public is expected to under-perform the Ekachai Medical. In addition to that, AP Public is 1.48 times more volatile than Ekachai Medical Care. It trades about -0.04 of its total potential returns per unit of risk. Ekachai Medical Care is currently generating about 0.0 per unit of volatility. If you would invest 665.00 in Ekachai Medical Care on August 25, 2024 and sell it today you would lose (15.00) from holding Ekachai Medical Care or give up 2.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AP Public vs. Ekachai Medical Care
Performance |
| Timeline |
| AP Public |
| Ekachai Medical Care |
AP Public and Ekachai Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AP Public and Ekachai Medical
The main advantage of trading using opposite AP Public and Ekachai Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AP Public position performs unexpectedly, Ekachai Medical 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 Ekachai Medical will offset losses from the drop in Ekachai Medical's long position.| AP Public vs. Land and Houses | AP Public vs. Quality Houses Public | AP Public vs. Bangkok Bank Public | AP Public vs. Siri Prime Office |
| Ekachai Medical vs. Chularat Hospital Public | Ekachai Medical vs. Bangkok Chain Hospital | Ekachai Medical vs. Bangkok Dusit Medical | Ekachai Medical vs. Rajthanee Hospital Public |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| CEOs Directory Screen CEOs from public companies around the world |