Correlation Between Delta Electronics and Airports
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By analyzing existing cross correlation between Delta Electronics Public and Airports of Thailand, you can compare the effects of market volatilities on Delta Electronics and Airports 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 Delta Electronics with a short position of Airports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delta Electronics and Airports.
Diversification Opportunities for Delta Electronics and Airports
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Delta and Airports is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Delta Electronics Public and Airports of Thailand in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Airports of Thailand and Delta Electronics 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 Delta Electronics Public are associated (or correlated) with Airports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Airports of Thailand has no effect on the direction of Delta Electronics i.e., Delta Electronics and Airports go up and down completely randomly.
Pair Corralation between Delta Electronics and Airports
Assuming the 90 days trading horizon Delta Electronics Public is expected to generate 8.34 times more return on investment than Airports. However, Delta Electronics is 8.34 times more volatile than Airports of Thailand. It trades about 0.21 of its potential returns per unit of risk. Airports of Thailand is currently generating about -0.01 per unit of risk. If you would invest 9,920 in Delta Electronics Public on August 28, 2024 and sell it today you would earn a total of 4,630 from holding Delta Electronics Public or generate 46.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Delta Electronics Public vs. Airports of Thailand
Performance |
| Timeline |
| Delta Electronics Public |
| Airports of Thailand |
Delta Electronics and Airports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delta Electronics and Airports
The main advantage of trading using opposite Delta Electronics and Airports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delta Electronics position performs unexpectedly, Airports 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 Airports will offset losses from the drop in Airports' long position.| Delta Electronics vs. AJ Advance Technology | Delta Electronics vs. Asia Precision Public | Delta Electronics vs. Asia Metal Public | Delta Electronics vs. The Erawan Group |
| Airports vs. Tata Steel Public | Airports vs. Thaifoods Group Public | Airports vs. TMT Steel Public | Airports 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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