Correlation Between Clover Power and Delta Electronics
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By analyzing existing cross correlation between Clover Power PCL and Delta Electronics Public, you can compare the effects of market volatilities on Clover Power and Delta Electronics 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 Clover Power with a short position of Delta Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clover Power and Delta Electronics.
Diversification Opportunities for Clover Power and Delta Electronics
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Clover and Delta is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Clover Power PCL and Delta Electronics Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delta Electronics Public and Clover Power 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 Clover Power PCL are associated (or correlated) with Delta Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delta Electronics Public has no effect on the direction of Clover Power i.e., Clover Power and Delta Electronics go up and down completely randomly.
Pair Corralation between Clover Power and Delta Electronics
Assuming the 90 days horizon Clover Power PCL is expected to under-perform the Delta Electronics. But the stock apears to be less risky and, when comparing its historical volatility, Clover Power PCL is 3.11 times less risky than Delta Electronics. The stock trades about -0.31 of its potential returns per unit of risk. The Delta Electronics Public is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 9,920 in Delta Electronics Public on August 29, 2024 and sell it today you would earn a total of 5,230 from holding Delta Electronics Public or generate 52.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Clover Power PCL vs. Delta Electronics Public
Performance |
| Timeline |
| Clover Power PCL |
| Delta Electronics Public |
Clover Power and Delta Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clover Power and Delta Electronics
The main advantage of trading using opposite Clover Power and Delta Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clover Power position performs unexpectedly, Delta Electronics 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 Delta Electronics will offset losses from the drop in Delta Electronics' long position.| Clover Power vs. Delta Electronics Public | Clover Power vs. Delta Electronics Public | Clover Power vs. Airports of Thailand | Clover Power vs. Airports of Thailand |
| Delta Electronics vs. AJ Advance Technology | Delta Electronics vs. Asia Precision Public | Delta Electronics vs. Asia Metal Public | Delta Electronics vs. The Erawan Group |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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