Correlation Between Hana Microelectronics and Intouch Holdings
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By analyzing existing cross correlation between Hana Microelectronics Public and Intouch Holdings Public, you can compare the effects of market volatilities on Hana Microelectronics and Intouch Holdings 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 Hana Microelectronics with a short position of Intouch Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hana Microelectronics and Intouch Holdings.
Diversification Opportunities for Hana Microelectronics and Intouch Holdings
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hana and Intouch is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Hana Microelectronics Public and Intouch Holdings Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intouch Holdings Public and Hana Microelectronics 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 Hana Microelectronics Public are associated (or correlated) with Intouch Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intouch Holdings Public has no effect on the direction of Hana Microelectronics i.e., Hana Microelectronics and Intouch Holdings go up and down completely randomly.
Pair Corralation between Hana Microelectronics and Intouch Holdings
Assuming the 90 days trading horizon Hana Microelectronics Public is expected to under-perform the Intouch Holdings. In addition to that, Hana Microelectronics is 1.53 times more volatile than Intouch Holdings Public. It trades about -0.11 of its total potential returns per unit of risk. Intouch Holdings Public is currently generating about 0.06 per unit of volatility. If you would invest 6,384 in Intouch Holdings Public on December 4, 2024 and sell it today you would earn a total of 1,541 from holding Intouch Holdings Public or generate 24.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Hana Microelectronics Public vs. Intouch Holdings Public
Performance |
| Timeline |
| Hana Microelectronics |
| Intouch Holdings Public |
Hana Microelectronics and Intouch Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hana Microelectronics and Intouch Holdings
The main advantage of trading using opposite Hana Microelectronics and Intouch Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hana Microelectronics position performs unexpectedly, Intouch Holdings 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 Intouch Holdings will offset losses from the drop in Intouch Holdings' long position.| Hana Microelectronics vs. KCE Electronics Public | Hana Microelectronics vs. Land and Houses | Hana Microelectronics vs. Delta Electronics Public | Hana Microelectronics vs. The Siam Cement |
| Intouch Holdings vs. True Public | Intouch Holdings vs. CP ALL Public | Intouch Holdings vs. The Siam Cement | Intouch Holdings vs. Charoen Pokphand Foods |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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