Correlation Between Grande Hospitality and Siam Cement
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By analyzing existing cross correlation between Grande Hospitality Real and The Siam Cement, you can compare the effects of market volatilities on Grande Hospitality and Siam Cement 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 Siam Cement. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Siam Cement.
Diversification Opportunities for Grande Hospitality and Siam Cement
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grande and Siam is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and The Siam Cement in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Cement 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 Siam Cement. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Cement has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and Siam Cement go up and down completely randomly.
Pair Corralation between Grande Hospitality and Siam Cement
Assuming the 90 days trading horizon Grande Hospitality Real is expected to generate 0.79 times more return on investment than Siam Cement. However, Grande Hospitality Real is 1.27 times less risky than Siam Cement. It trades about 0.0 of its potential returns per unit of risk. The Siam Cement is currently generating about -0.09 per unit of risk. If you would invest 710.00 in Grande Hospitality Real on September 14, 2024 and sell it today you would lose (25.00) from holding Grande Hospitality Real or give up 3.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. The Siam Cement
Performance |
| Timeline |
| Grande Hospitality Real |
| Siam Cement |
Grande Hospitality and Siam Cement Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Siam Cement
The main advantage of trading using opposite Grande Hospitality and Siam Cement positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, Siam Cement 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 Cement will offset losses from the drop in Siam Cement's long position.| Grande Hospitality vs. S Hotels and | Grande Hospitality vs. S Khonkaen Foods | Grande Hospitality vs. LH Hotel Leasehold | Grande Hospitality vs. Central Retail |
| Siam Cement vs. Grande Hospitality Real | Siam Cement vs. Bumrungrad Hospital Public | Siam Cement vs. Rich Sport Public | Siam Cement vs. Sri panwa Hospitality |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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