Correlation Between Eastern Technical and Supalai Public
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By analyzing existing cross correlation between Eastern Technical Engineering and Supalai Public, you can compare the effects of market volatilities on Eastern Technical and Supalai 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 Eastern Technical with a short position of Supalai Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastern Technical and Supalai Public.
Diversification Opportunities for Eastern Technical and Supalai Public
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Eastern and Supalai is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Eastern Technical Engineering and Supalai Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Supalai Public and Eastern Technical 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 Technical Engineering are associated (or correlated) with Supalai Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Supalai Public has no effect on the direction of Eastern Technical i.e., Eastern Technical and Supalai Public go up and down completely randomly.
Pair Corralation between Eastern Technical and Supalai Public
Assuming the 90 days trading horizon Eastern Technical Engineering is expected to under-perform the Supalai Public. But the stock apears to be less risky and, when comparing its historical volatility, Eastern Technical Engineering is 1.1 times less risky than Supalai Public. The stock trades about -0.33 of its potential returns per unit of risk. The Supalai Public is currently generating about -0.16 of returns per unit of risk over similar time horizon. If you would invest 2,119 in Supalai Public on August 27, 2024 and sell it today you would lose (149.00) from holding Supalai Public or give up 7.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastern Technical Engineering vs. Supalai Public
Performance |
| Timeline |
| Eastern Technical |
| Supalai Public |
Eastern Technical and Supalai Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastern Technical and Supalai Public
The main advantage of trading using opposite Eastern Technical and Supalai Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastern Technical position performs unexpectedly, Supalai 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 Supalai Public will offset losses from the drop in Supalai Public's long position.| Eastern Technical vs. G Capital Public | Eastern Technical vs. Harn Engineering Solutions | Eastern Technical vs. Fortune Parts Industry | Eastern Technical vs. Hydrotek Public |
| Supalai Public vs. JAS Asset PCL | Supalai Public vs. Country Group Development | Supalai Public vs. Everland Public | Supalai Public vs. Bangkok Land Public |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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