Correlation Between Grande Hospitality and Lohakit Metal
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By analyzing existing cross correlation between Grande Hospitality Real and Lohakit Metal Public, you can compare the effects of market volatilities on Grande Hospitality and Lohakit Metal 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 Grande Hospitality with a short position of Lohakit Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Lohakit Metal.
Diversification Opportunities for Grande Hospitality and Lohakit Metal
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grande and Lohakit is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and Lohakit Metal Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lohakit Metal Public and Grande Hospitality 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 Grande Hospitality Real are associated (or correlated) with Lohakit Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lohakit Metal Public has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and Lohakit Metal go up and down completely randomly.
Pair Corralation between Grande Hospitality and Lohakit Metal
Assuming the 90 days trading horizon Grande Hospitality Real is expected to generate 1.28 times more return on investment than Lohakit Metal. However, Grande Hospitality is 1.28 times more volatile than Lohakit Metal Public. It trades about -0.04 of its potential returns per unit of risk. Lohakit Metal Public is currently generating about -0.37 per unit of risk. If you would invest 690.00 in Grande Hospitality Real on October 20, 2024 and sell it today you would lose (5.00) from holding Grande Hospitality Real or give up 0.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. Lohakit Metal Public
Performance |
| Timeline |
| Grande Hospitality Real |
| Lohakit Metal Public |
Grande Hospitality and Lohakit Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Lohakit Metal
The main advantage of trading using opposite Grande Hospitality and Lohakit Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, Lohakit Metal 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 Lohakit Metal will offset losses from the drop in Lohakit Metal's long position.| Grande Hospitality vs. Wattanapat Hospital Trang | Grande Hospitality vs. Aikchol Hospital Public | Grande Hospitality vs. PTT OIL RETAIL | Grande Hospitality vs. Thai Nakarin Hospital |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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