Correlation Between Golden Ventures and Phatra Leasing
Can any of the company-specific risk be diversified away by investing in both Golden Ventures and Phatra Leasing 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 Golden Ventures and Phatra Leasing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Ventures Leasehold and Phatra Leasing Public, you can compare the effects of market volatilities on Golden Ventures and Phatra Leasing 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 Golden Ventures with a short position of Phatra Leasing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Ventures and Phatra Leasing.
Diversification Opportunities for Golden Ventures and Phatra Leasing
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Golden and Phatra is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Golden Ventures Leasehold and Phatra Leasing Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phatra Leasing Public and Golden Ventures 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 Golden Ventures Leasehold are associated (or correlated) with Phatra Leasing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phatra Leasing Public has no effect on the direction of Golden Ventures i.e., Golden Ventures and Phatra Leasing go up and down completely randomly.
Pair Corralation between Golden Ventures and Phatra Leasing
Assuming the 90 days trading horizon Golden Ventures Leasehold is expected to under-perform the Phatra Leasing. But the stock apears to be less risky and, when comparing its historical volatility, Golden Ventures Leasehold is 34.15 times less risky than Phatra Leasing. The stock trades about -0.01 of its potential returns per unit of risk. The Phatra Leasing Public is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 239.00 in Phatra Leasing Public on October 22, 2024 and sell it today you would lose (94.00) from holding Phatra Leasing Public or give up 39.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.96% |
| Values | Daily Returns |
Golden Ventures Leasehold vs. Phatra Leasing Public
Performance |
| Timeline |
| Golden Ventures Leasehold |
| Phatra Leasing Public |
Golden Ventures and Phatra Leasing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Ventures and Phatra Leasing
The main advantage of trading using opposite Golden Ventures and Phatra Leasing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Ventures position performs unexpectedly, Phatra Leasing 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 Phatra Leasing will offset losses from the drop in Phatra Leasing's long position.| Golden Ventures vs. Impact Growth REIT | Golden Ventures vs. CPN Retail Growth | Golden Ventures vs. WHA Premium Growth | Golden Ventures vs. LH Shopping Centers |
| Phatra Leasing vs. KGI Securities Public | Phatra Leasing vs. Pacific Pipe Public | Phatra Leasing vs. Peoples Garment Public | Phatra Leasing vs. Power Line Engineering |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Transaction History View history of all your transactions and understand their impact on performance |