Correlation Between Getabec Public and Ama Marine
Can any of the company-specific risk be diversified away by investing in both Getabec Public and Ama Marine 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 Getabec Public and Ama Marine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getabec Public and Ama Marine Public, you can compare the effects of market volatilities on Getabec Public and Ama Marine 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 Getabec Public with a short position of Ama Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getabec Public and Ama Marine.
Diversification Opportunities for Getabec Public and Ama Marine
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Getabec and Ama is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Getabec Public and Ama Marine Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ama Marine Public and Getabec 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 Getabec Public are associated (or correlated) with Ama Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ama Marine Public has no effect on the direction of Getabec Public i.e., Getabec Public and Ama Marine go up and down completely randomly.
Pair Corralation between Getabec Public and Ama Marine
Assuming the 90 days trading horizon Getabec Public is expected to generate 37.05 times more return on investment than Ama Marine. However, Getabec Public is 37.05 times more volatile than Ama Marine Public. It trades about 0.05 of its potential returns per unit of risk. Ama Marine Public is currently generating about 0.02 per unit of risk. If you would invest 65.00 in Getabec Public on August 25, 2024 and sell it today you would earn a total of 7.00 from holding Getabec Public or generate 10.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Getabec Public vs. Ama Marine Public
Performance |
| Timeline |
| Getabec Public |
| Ama Marine Public |
Getabec Public and Ama Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Getabec Public and Ama Marine
The main advantage of trading using opposite Getabec Public and Ama Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getabec Public position performs unexpectedly, Ama Marine 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 Ama Marine will offset losses from the drop in Ama Marine's long position.| Getabec Public vs. Sabuy Technology Public | Getabec Public vs. Kulthorn Kirby Public | Getabec Public vs. The Erawan Group | Getabec Public vs. Airports of Thailand |
| Ama Marine vs. Arrow Syndicate Public | Ama Marine vs. After You Public | Ama Marine vs. Union Auction Public | Ama Marine vs. Akkhie Prakarn 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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