Correlation Between Erawan and Amata Public
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By analyzing existing cross correlation between The Erawan Group and Amata Public, you can compare the effects of market volatilities on Erawan and Amata Public 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 Erawan with a short position of Amata Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Erawan and Amata Public.
Diversification Opportunities for Erawan and Amata Public
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Erawan and Amata is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding The Erawan Group and Amata Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amata Public and Erawan 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 The Erawan Group are associated (or correlated) with Amata Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amata Public has no effect on the direction of Erawan i.e., Erawan and Amata Public go up and down completely randomly.
Pair Corralation between Erawan and Amata Public
Assuming the 90 days trading horizon The Erawan Group is expected to under-perform the Amata Public. But the stock apears to be less risky and, when comparing its historical volatility, The Erawan Group is 1.1 times less risky than Amata Public. The stock trades about -0.21 of its potential returns per unit of risk. The Amata Public is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 2,270 in Amata Public on October 20, 2024 and sell it today you would earn a total of 305.00 from holding Amata Public or generate 13.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Erawan Group vs. Amata Public
Performance |
| Timeline |
| Erawan Group |
| Amata Public |
Erawan and Amata Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Erawan and Amata Public
The main advantage of trading using opposite Erawan and Amata Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Erawan position performs unexpectedly, Amata Public 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 Amata Public will offset losses from the drop in Amata Public's long position.| Erawan vs. Central Plaza Hotel | Erawan vs. Minor International Public | Erawan vs. Central Pattana Public | Erawan vs. CP ALL Public |
| Amata Public vs. ARIP Public | Amata Public vs. ATP 30 Public | Amata Public vs. G Capital Public | Amata Public vs. E for L |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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