Correlation Between Hugo Boss and Thoresen Thai
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By analyzing existing cross correlation between Hugo Boss AG and Thoresen Thai Agencies, you can compare the effects of market volatilities on Hugo Boss and Thoresen Thai 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 Hugo Boss with a short position of Thoresen Thai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and Thoresen Thai.
Diversification Opportunities for Hugo Boss and Thoresen Thai
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hugo and Thoresen is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG and Thoresen Thai Agencies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thoresen Thai Agencies and Hugo Boss 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 Hugo Boss AG are associated (or correlated) with Thoresen Thai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thoresen Thai Agencies has no effect on the direction of Hugo Boss i.e., Hugo Boss and Thoresen Thai go up and down completely randomly.
Pair Corralation between Hugo Boss and Thoresen Thai
Assuming the 90 days trading horizon Hugo Boss AG is expected to generate 1.13 times more return on investment than Thoresen Thai. However, Hugo Boss is 1.13 times more volatile than Thoresen Thai Agencies. It trades about 0.02 of its potential returns per unit of risk. Thoresen Thai Agencies is currently generating about 0.02 per unit of risk. If you would invest 4,053 in Hugo Boss AG on September 19, 2024 and sell it today you would lose (7.00) from holding Hugo Boss AG or give up 0.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hugo Boss AG vs. Thoresen Thai Agencies
Performance |
| Timeline |
| Hugo Boss AG |
| Thoresen Thai Agencies |
Hugo Boss and Thoresen Thai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hugo Boss and Thoresen Thai
The main advantage of trading using opposite Hugo Boss and Thoresen Thai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss position performs unexpectedly, Thoresen Thai 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 Thoresen Thai will offset losses from the drop in Thoresen Thai's long position.| Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
| Thoresen Thai vs. THAI BEVERAGE | Thoresen Thai vs. PARKEN Sport Entertainment | Thoresen Thai vs. PT Global Mediacom | Thoresen Thai vs. LG Display Co |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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