Correlation Between Haverty Furniture and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Haverty Furniture and Siam Makro 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 Haverty Furniture and Siam Makro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haverty Furniture Companies and Siam Makro PCL, you can compare the effects of market volatilities on Haverty Furniture and Siam Makro 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 Haverty Furniture with a short position of Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haverty Furniture and Siam Makro.
Diversification Opportunities for Haverty Furniture and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Haverty and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Haverty Furniture Companies and Siam Makro PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Makro PCL and Haverty Furniture 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 Haverty Furniture Companies are associated (or correlated) with Siam Makro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Makro PCL has no effect on the direction of Haverty Furniture i.e., Haverty Furniture and Siam Makro go up and down completely randomly.
Pair Corralation between Haverty Furniture and Siam Makro
Considering the 90-day investment horizon Haverty Furniture Companies is expected to under-perform the Siam Makro. In addition to that, Haverty Furniture is 20.42 times more volatile than Siam Makro PCL. It trades about -0.03 of its total potential returns per unit of risk. Siam Makro PCL is currently generating about 0.0 per unit of volatility. If you would invest 106.00 in Siam Makro PCL on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Siam Makro PCL or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 53.04% |
| Values | Daily Returns |
Haverty Furniture Companies vs. Siam Makro PCL
Performance |
| Timeline |
| Haverty Furniture |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Haverty Furniture and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haverty Furniture and Siam Makro
The main advantage of trading using opposite Haverty Furniture and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haverty Furniture position performs unexpectedly, Siam Makro 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 Siam Makro will offset losses from the drop in Siam Makro's long position.| Haverty Furniture vs. Partner Communications | Haverty Furniture vs. Merck Company | Haverty Furniture vs. Western Midstream Partners | Haverty Furniture vs. Edgewise Therapeutics |
| Siam Makro vs. WT Offshore | Siam Makro vs. Jutal Offshore Oil | Siam Makro vs. 51Talk Online Education | Siam Makro vs. Entravision Communications |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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