Correlation Between Country Group and Supalai Public
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By analyzing existing cross correlation between Country Group Development and Supalai Public, you can compare the effects of market volatilities on Country Group and Supalai 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 Country Group with a short position of Supalai Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Country Group and Supalai Public.
Diversification Opportunities for Country Group and Supalai Public
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Country and Supalai is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Country Group Development and Supalai Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Supalai Public and Country Group 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 Country Group Development are associated (or correlated) with Supalai Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Supalai Public has no effect on the direction of Country Group i.e., Country Group and Supalai Public go up and down completely randomly.
Pair Corralation between Country Group and Supalai Public
Assuming the 90 days trading horizon Country Group Development is expected to generate 1.22 times more return on investment than Supalai Public. However, Country Group is 1.22 times more volatile than Supalai Public. It trades about 0.01 of its potential returns per unit of risk. Supalai Public is currently generating about -0.17 per unit of risk. If you would invest 34.00 in Country Group Development on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Country Group Development or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Country Group Development vs. Supalai Public
Performance |
| Timeline |
| Country Group Development |
| Supalai Public |
Country Group and Supalai Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Country Group and Supalai Public
The main advantage of trading using opposite Country Group and Supalai Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Country Group position performs unexpectedly, Supalai 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 Supalai Public will offset losses from the drop in Supalai Public's long position.The idea behind Country Group Development and Supalai Public pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Supalai Public vs. JAS Asset PCL | Supalai Public vs. Country Group Development | Supalai Public vs. Everland Public | Supalai Public vs. Bangkok Land 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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