Correlation Between Bhiraj Office and Bank of Ayudhya
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By analyzing existing cross correlation between Bhiraj Office Leasehold and Bank of Ayudhya, you can compare the effects of market volatilities on Bhiraj Office and Bank of Ayudhya 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 Bhiraj Office with a short position of Bank of Ayudhya. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bhiraj Office and Bank of Ayudhya.
Diversification Opportunities for Bhiraj Office and Bank of Ayudhya
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bhiraj and Bank is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Bhiraj Office Leasehold and Bank of Ayudhya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Ayudhya and Bhiraj Office 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 Bhiraj Office Leasehold are associated (or correlated) with Bank of Ayudhya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Ayudhya has no effect on the direction of Bhiraj Office i.e., Bhiraj Office and Bank of Ayudhya go up and down completely randomly.
Pair Corralation between Bhiraj Office and Bank of Ayudhya
Assuming the 90 days trading horizon Bhiraj Office Leasehold is expected to generate 0.84 times more return on investment than Bank of Ayudhya. However, Bhiraj Office Leasehold is 1.19 times less risky than Bank of Ayudhya. It trades about 0.04 of its potential returns per unit of risk. Bank of Ayudhya is currently generating about 0.0 per unit of risk. If you would invest 464.00 in Bhiraj Office Leasehold on August 29, 2024 and sell it today you would earn a total of 41.00 from holding Bhiraj Office Leasehold or generate 8.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bhiraj Office Leasehold vs. Bank of Ayudhya
Performance |
| Timeline |
| Bhiraj Office Leasehold |
| Bank of Ayudhya |
Bhiraj Office and Bank of Ayudhya Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bhiraj Office and Bank of Ayudhya
The main advantage of trading using opposite Bhiraj Office and Bank of Ayudhya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bhiraj Office position performs unexpectedly, Bank of Ayudhya 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 Bank of Ayudhya will offset losses from the drop in Bank of Ayudhya's long position.| Bhiraj Office vs. Quality Houses Hotel | Bhiraj Office vs. Quality Houses Property | Bhiraj Office vs. SCG PACKAGING PCL NVDR | Bhiraj Office vs. CK Power Public |
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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