Correlation Between Dohome Public and Siam Global
Can any of the company-specific risk be diversified away by investing in both Dohome Public and Siam Global at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Dohome Public and Siam Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dohome Public and Siam Global House, you can compare the effects of market volatilities on Dohome Public and Siam Global 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 Public with a short position of Siam Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dohome Public and Siam Global.
Diversification Opportunities for Dohome Public and Siam Global
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Dohome and Siam is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Dohome Public and Siam Global House in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Global House and Dohome Public 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 Public are associated (or correlated) with Siam Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Global House has no effect on the direction of Dohome Public i.e., Dohome Public and Siam Global go up and down completely randomly.
Pair Corralation between Dohome Public and Siam Global
Assuming the 90 days trading horizon Dohome Public is expected to generate 1.4 times more return on investment than Siam Global. However, Dohome Public is 1.4 times more volatile than Siam Global House. It trades about 0.04 of its potential returns per unit of risk. Siam Global House is currently generating about 0.05 per unit of risk. If you would invest 980.00 in Dohome Public on August 28, 2024 and sell it today you would earn a total of 15.00 from holding Dohome Public or generate 1.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dohome Public vs. Siam Global House
Performance |
| Timeline |
| Dohome Public |
| Siam Global House |
Dohome Public and Siam Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dohome Public and Siam Global
The main advantage of trading using opposite Dohome Public and Siam Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dohome Public position performs unexpectedly, Siam Global 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 Siam Global will offset losses from the drop in Siam Global's long position.| Dohome Public vs. Com7 PCL | Dohome Public vs. Central Retail | Dohome Public vs. Siam Global House | Dohome Public vs. Home Product Center |
| Siam Global vs. Home Product Center | Siam Global vs. Bangkok Dusit Medical | Siam Global vs. Carabao Group Public | Siam Global vs. Global Power Synergy |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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