Correlation Between Haad Thip and OCC Public
Can any of the company-specific risk be diversified away by investing in both Haad Thip and OCC Public 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 OCC Public 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 OCC Public, you can compare the effects of market volatilities on Haad Thip and OCC Public 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 OCC Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haad Thip and OCC Public.
Diversification Opportunities for Haad Thip and OCC Public
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Haad and OCC is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Haad Thip Public and OCC Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OCC 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 OCC Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OCC Public has no effect on the direction of Haad Thip i.e., Haad Thip and OCC Public go up and down completely randomly.
Pair Corralation between Haad Thip and OCC Public
Assuming the 90 days trading horizon Haad Thip Public is expected to under-perform the OCC Public. In addition to that, Haad Thip is 3.87 times more volatile than OCC Public. It trades about -0.14 of its total potential returns per unit of risk. OCC Public is currently generating about 0.29 per unit of volatility. If you would invest 895.00 in OCC Public on September 14, 2024 and sell it today you would earn a total of 20.00 from holding OCC Public or generate 2.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haad Thip Public vs. OCC Public
Performance |
| Timeline |
| Haad Thip Public |
| OCC Public |
Haad Thip and OCC Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haad Thip and OCC Public
The main advantage of trading using opposite Haad Thip and OCC Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haad Thip position performs unexpectedly, OCC Public 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 OCC Public will offset losses from the drop in OCC Public'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 |
| OCC Public vs. Newcity Public | OCC Public vs. Pato Chemical Industry | OCC Public vs. Ocean Glass Public | OCC Public vs. Nawarat Patanakarn 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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