Correlation Between After You and Applicad Public
Can any of the company-specific risk be diversified away by investing in both After You and Applicad 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 After You and Applicad Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between After You Public and Applicad Public, you can compare the effects of market volatilities on After You and Applicad 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 After You with a short position of Applicad Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of After You and Applicad Public.
Diversification Opportunities for After You and Applicad Public
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between After and Applicad is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding After You Public and Applicad Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Applicad Public and After You 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 After You Public are associated (or correlated) with Applicad Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Applicad Public has no effect on the direction of After You i.e., After You and Applicad Public go up and down completely randomly.
Pair Corralation between After You and Applicad Public
Assuming the 90 days horizon After You Public is expected to generate 0.47 times more return on investment than Applicad Public. However, After You Public is 2.12 times less risky than Applicad Public. It trades about 0.13 of its potential returns per unit of risk. Applicad Public is currently generating about -0.02 per unit of risk. If you would invest 1,040 in After You Public on August 30, 2024 and sell it today you would earn a total of 50.00 from holding After You Public or generate 4.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
After You Public vs. Applicad Public
Performance |
| Timeline |
| After You Public |
| Applicad Public |
After You and Applicad Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with After You and Applicad Public
The main advantage of trading using opposite After You and Applicad Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if After You position performs unexpectedly, Applicad 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 Applicad Public will offset losses from the drop in Applicad Public's long position.| After You vs. CP ALL Public | After You vs. BTS Group Holdings | After You vs. Minor International Public | After You vs. Airports of Thailand |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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