Correlation Between Forth Public and Singer Thailand
Can any of the company-specific risk be diversified away by investing in both Forth Public and Singer Thailand 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 Forth Public and Singer Thailand into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Forth Public and Singer Thailand Public, you can compare the effects of market volatilities on Forth Public and Singer Thailand 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 Forth Public with a short position of Singer Thailand. Check out your portfolio center. Please also check ongoing floating volatility patterns of Forth Public and Singer Thailand.
Diversification Opportunities for Forth Public and Singer Thailand
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Forth and Singer is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Forth Public and Singer Thailand Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singer Thailand Public and Forth 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 Forth Public are associated (or correlated) with Singer Thailand. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singer Thailand Public has no effect on the direction of Forth Public i.e., Forth Public and Singer Thailand go up and down completely randomly.
Pair Corralation between Forth Public and Singer Thailand
Assuming the 90 days trading horizon Forth Public is expected to generate 1.21 times more return on investment than Singer Thailand. However, Forth Public is 1.21 times more volatile than Singer Thailand Public. It trades about -0.12 of its potential returns per unit of risk. Singer Thailand Public is currently generating about -0.26 per unit of risk. If you would invest 1,250 in Forth Public on September 3, 2024 and sell it today you would lose (120.00) from holding Forth Public or give up 9.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Forth Public vs. Singer Thailand Public
Performance |
| Timeline |
| Forth Public |
| Singer Thailand Public |
Forth Public and Singer Thailand Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Forth Public and Singer Thailand
The main advantage of trading using opposite Forth Public and Singer Thailand positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Forth Public position performs unexpectedly, Singer Thailand 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 Singer Thailand will offset losses from the drop in Singer Thailand's long position.| Forth Public vs. Heng Leasing Capital | Forth Public vs. Hydrogen Freehold Leasehold | Forth Public vs. WHA Industrial Leasehold | Forth Public vs. Thai Coating Industrial |
| Singer Thailand vs. Jay Mart Public | Singer Thailand vs. JMT Network Services | Singer Thailand vs. KCE Electronics Public | Singer Thailand vs. Srisawad Power 1979 |
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 CEOs Directory module to screen CEOs from public companies around the world.
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