Correlation Between DOHOME and SAF Special
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By analyzing existing cross correlation between DOHOME and SAF Special Steel, you can compare the effects of market volatilities on DOHOME and SAF Special 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 DOHOME with a short position of SAF Special. Check out your portfolio center. Please also check ongoing floating volatility patterns of DOHOME and SAF Special.
Diversification Opportunities for DOHOME and SAF Special
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between DOHOME and SAF is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding DOHOME and SAF Special Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAF Special Steel and DOHOME 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 DOHOME are associated (or correlated) with SAF Special. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAF Special Steel has no effect on the direction of DOHOME i.e., DOHOME and SAF Special go up and down completely randomly.
Pair Corralation between DOHOME and SAF Special
Assuming the 90 days trading horizon DOHOME is expected to under-perform the SAF Special. But the stock apears to be less risky and, when comparing its historical volatility, DOHOME is 2.12 times less risky than SAF Special. The stock trades about -0.06 of its potential returns per unit of risk. The SAF Special Steel is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 47.00 in SAF Special Steel on August 29, 2024 and sell it today you would earn a total of 4.00 from holding SAF Special Steel or generate 8.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
DOHOME vs. SAF Special Steel
Performance |
| Timeline |
| DOHOME |
| SAF Special Steel |
DOHOME and SAF Special Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DOHOME and SAF Special
The main advantage of trading using opposite DOHOME and SAF Special positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DOHOME position performs unexpectedly, SAF Special 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 SAF Special will offset losses from the drop in SAF Special's long position.| DOHOME vs. Com7 PCL | DOHOME vs. Central Retail | DOHOME vs. Siam Global House | DOHOME vs. Home Product Center |
| SAF Special vs. MCS Steel Public | SAF Special vs. Hwa Fong Rubber | SAF Special vs. Haad Thip Public | SAF Special vs. SCG PACKAGING PCL NVDR |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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