Correlation Between Eastern and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Eastern and Siam Makro 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 Eastern and Siam Makro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastern Co and Siam Makro PCL, you can compare the effects of market volatilities on Eastern and Siam Makro 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 Eastern with a short position of Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastern and Siam Makro.
Diversification Opportunities for Eastern and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eastern and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eastern Co and Siam Makro PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Makro PCL and Eastern 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 Eastern Co are associated (or correlated) with Siam Makro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Makro PCL has no effect on the direction of Eastern i.e., Eastern and Siam Makro go up and down completely randomly.
Pair Corralation between Eastern and Siam Makro
If you would invest 2,753 in Eastern Co on September 5, 2024 and sell it today you would earn a total of 209.00 from holding Eastern Co or generate 7.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 37.6% |
| Values | Daily Returns |
Eastern Co vs. Siam Makro PCL
Performance |
| Timeline |
| Eastern |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Eastern and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastern and Siam Makro
The main advantage of trading using opposite Eastern and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastern position performs unexpectedly, Siam Makro 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 Makro will offset losses from the drop in Siam Makro's long position.| Eastern vs. AB SKF | Eastern vs. Aquagold International | Eastern vs. Thrivent High Yield | Eastern vs. Morningstar Unconstrained Allocation |
| Siam Makro vs. Eastern Co | Siam Makro vs. Virgin Group Acquisition | Siam Makro vs. Acme United | Siam Makro vs. Skechers USA |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |