Correlation Between After You and Comanche International
Can any of the company-specific risk be diversified away by investing in both After You and Comanche International 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 Comanche International 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 Comanche International Public, you can compare the effects of market volatilities on After You and Comanche International 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 Comanche International. Check out your portfolio center. Please also check ongoing floating volatility patterns of After You and Comanche International.
Diversification Opportunities for After You and Comanche International
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between After and Comanche is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding After You Public and Comanche International Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comanche International 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 Comanche International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comanche International has no effect on the direction of After You i.e., After You and Comanche International go up and down completely randomly.
Pair Corralation between After You and Comanche International
Assuming the 90 days horizon After You Public is expected to generate 11.78 times more return on investment than Comanche International. However, After You is 11.78 times more volatile than Comanche International Public. It trades about 0.08 of its potential returns per unit of risk. Comanche International Public is currently generating about -0.13 per unit of risk. If you would invest 795.00 in After You Public on September 1, 2024 and sell it today you would earn a total of 305.00 from holding After You Public or generate 38.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.2% |
| Values | Daily Returns |
After You Public vs. Comanche International Public
Performance |
| Timeline |
| After You Public |
| Comanche International |
After You and Comanche International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with After You and Comanche International
The main advantage of trading using opposite After You and Comanche International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if After You position performs unexpectedly, Comanche International 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 Comanche International will offset losses from the drop in Comanche International'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 |
| Comanche International vs. Com7 PCL | Comanche International vs. Central Retail | Comanche International vs. Dohome Public | Comanche International vs. Bangkok Chain Hospital |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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