Correlation Between Halcyon Technology and Asia Sermkij
Can any of the company-specific risk be diversified away by investing in both Halcyon Technology and Asia Sermkij 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 Halcyon Technology and Asia Sermkij into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Halcyon Technology Public and Asia Sermkij Leasing, you can compare the effects of market volatilities on Halcyon Technology and Asia Sermkij 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 Halcyon Technology with a short position of Asia Sermkij. Check out your portfolio center. Please also check ongoing floating volatility patterns of Halcyon Technology and Asia Sermkij.
Diversification Opportunities for Halcyon Technology and Asia Sermkij
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Halcyon and Asia is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Halcyon Technology Public and Asia Sermkij Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Sermkij Leasing and Halcyon Technology 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 Halcyon Technology Public are associated (or correlated) with Asia Sermkij. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Sermkij Leasing has no effect on the direction of Halcyon Technology i.e., Halcyon Technology and Asia Sermkij go up and down completely randomly.
Pair Corralation between Halcyon Technology and Asia Sermkij
Assuming the 90 days trading horizon Halcyon Technology Public is expected to under-perform the Asia Sermkij. In addition to that, Halcyon Technology is 1.64 times more volatile than Asia Sermkij Leasing. It trades about -0.27 of its total potential returns per unit of risk. Asia Sermkij Leasing is currently generating about -0.32 per unit of volatility. If you would invest 1,240 in Asia Sermkij Leasing on August 28, 2024 and sell it today you would lose (170.00) from holding Asia Sermkij Leasing or give up 13.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Halcyon Technology Public vs. Asia Sermkij Leasing
Performance |
| Timeline |
| Halcyon Technology Public |
| Asia Sermkij Leasing |
Halcyon Technology and Asia Sermkij Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Halcyon Technology and Asia Sermkij
The main advantage of trading using opposite Halcyon Technology and Asia Sermkij positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Halcyon Technology position performs unexpectedly, Asia Sermkij 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 Asia Sermkij will offset losses from the drop in Asia Sermkij's long position.| Halcyon Technology vs. Tata Steel Public | Halcyon Technology vs. Thaifoods Group Public | Halcyon Technology vs. TMT Steel Public | Halcyon Technology vs. The Erawan Group |
| Asia Sermkij vs. AP Public | Asia Sermkij vs. Kiatnakin Phatra Bank | Asia Sermkij vs. TISCO Financial Group | Asia Sermkij vs. Carabao Group 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 CEOs Directory module to screen CEOs from public companies around the world.
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