Correlation Between Haad Thip and Gunkul Engineering
Can any of the company-specific risk be diversified away by investing in both Haad Thip and Gunkul Engineering 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 Haad Thip and Gunkul Engineering into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haad Thip Public and Gunkul Engineering Public, you can compare the effects of market volatilities on Haad Thip and Gunkul Engineering 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 Haad Thip with a short position of Gunkul Engineering. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haad Thip and Gunkul Engineering.
Diversification Opportunities for Haad Thip and Gunkul Engineering
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Haad and Gunkul is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Haad Thip Public and Gunkul Engineering Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gunkul Engineering Public and Haad Thip 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 Haad Thip Public are associated (or correlated) with Gunkul Engineering. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gunkul Engineering Public has no effect on the direction of Haad Thip i.e., Haad Thip and Gunkul Engineering go up and down completely randomly.
Pair Corralation between Haad Thip and Gunkul Engineering
Assuming the 90 days trading horizon Haad Thip Public is expected to generate 0.79 times more return on investment than Gunkul Engineering. However, Haad Thip Public is 1.27 times less risky than Gunkul Engineering. It trades about -0.14 of its potential returns per unit of risk. Gunkul Engineering Public is currently generating about -0.22 per unit of risk. If you would invest 1,670 in Haad Thip Public on September 14, 2024 and sell it today you would lose (70.00) from holding Haad Thip Public or give up 4.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haad Thip Public vs. Gunkul Engineering Public
Performance |
| Timeline |
| Haad Thip Public |
| Gunkul Engineering Public |
Haad Thip and Gunkul Engineering Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haad Thip and Gunkul Engineering
The main advantage of trading using opposite Haad Thip and Gunkul Engineering positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haad Thip position performs unexpectedly, Gunkul Engineering 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 Gunkul Engineering will offset losses from the drop in Gunkul Engineering's long position.| Haad Thip vs. Charoen Pokphand Foods | Haad Thip vs. Carabao Group Public | Haad Thip vs. Home Product Center | Haad Thip vs. Ichitan Group Public |
| Gunkul Engineering vs. Gulf Energy Development | Gunkul Engineering vs. Energy Absolute Public | Gunkul Engineering vs. Banpu Public | Gunkul Engineering vs. WHA 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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |