Correlation Between Synergetic Auto and Asia Sermkij
Can any of the company-specific risk be diversified away by investing in both Synergetic Auto and Asia Sermkij 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 Synergetic Auto and Asia Sermkij into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Synergetic Auto Performance and Asia Sermkij Leasing, you can compare the effects of market volatilities on Synergetic Auto and Asia Sermkij 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 Synergetic Auto with a short position of Asia Sermkij. Check out your portfolio center. Please also check ongoing floating volatility patterns of Synergetic Auto and Asia Sermkij.
Diversification Opportunities for Synergetic Auto and Asia Sermkij
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Synergetic and Asia is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Synergetic Auto Performance and Asia Sermkij Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Sermkij Leasing and Synergetic Auto 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 Synergetic Auto Performance are associated (or correlated) with Asia Sermkij. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Sermkij Leasing has no effect on the direction of Synergetic Auto i.e., Synergetic Auto and Asia Sermkij go up and down completely randomly.
Pair Corralation between Synergetic Auto and Asia Sermkij
Assuming the 90 days trading horizon Synergetic Auto Performance is expected to under-perform the Asia Sermkij. In addition to that, Synergetic Auto is 1.55 times more volatile than Asia Sermkij Leasing. It trades about -0.18 of its total potential returns per unit of risk. Asia Sermkij Leasing is currently generating about -0.04 per unit of volatility. If you would invest 1,100 in Asia Sermkij Leasing on September 12, 2024 and sell it today you would lose (20.00) from holding Asia Sermkij Leasing or give up 1.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Synergetic Auto Performance vs. Asia Sermkij Leasing
Performance |
| Timeline |
| Synergetic Auto Perf |
| Asia Sermkij Leasing |
Synergetic Auto and Asia Sermkij Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Synergetic Auto and Asia Sermkij
The main advantage of trading using opposite Synergetic Auto and Asia Sermkij positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Synergetic Auto position performs unexpectedly, Asia Sermkij 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 Asia Sermkij will offset losses from the drop in Asia Sermkij's long position.| Synergetic Auto vs. Micro Leasing Public | Synergetic Auto vs. Mena Transport Public | Synergetic Auto vs. Thai Energy Storage | Synergetic Auto vs. Winnergy Medical Public |
| Asia Sermkij vs. KGI Securities Public | Asia Sermkij vs. Lalin Property Public | Asia Sermkij vs. Hwa Fong Rubber | Asia Sermkij vs. MCS Steel 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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