Correlation Between Internet Thailand and GREENX METALS
Can any of the company-specific risk be diversified away by investing in both Internet Thailand and GREENX METALS 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 Internet Thailand and GREENX METALS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Internet Thailand PCL and GREENX METALS LTD, you can compare the effects of market volatilities on Internet Thailand and GREENX METALS 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 Internet Thailand with a short position of GREENX METALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Internet Thailand and GREENX METALS.
Diversification Opportunities for Internet Thailand and GREENX METALS
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Internet and GREENX is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Internet Thailand PCL and GREENX METALS LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GREENX METALS LTD and Internet Thailand 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 Internet Thailand PCL are associated (or correlated) with GREENX METALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GREENX METALS LTD has no effect on the direction of Internet Thailand i.e., Internet Thailand and GREENX METALS go up and down completely randomly.
Pair Corralation between Internet Thailand and GREENX METALS
Assuming the 90 days trading horizon Internet Thailand PCL is expected to generate 12.31 times more return on investment than GREENX METALS. However, Internet Thailand is 12.31 times more volatile than GREENX METALS LTD. It trades about 0.05 of its potential returns per unit of risk. GREENX METALS LTD is currently generating about 0.0 per unit of risk. If you would invest 12.00 in Internet Thailand PCL on September 3, 2024 and sell it today you would earn a total of 6.00 from holding Internet Thailand PCL or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Internet Thailand PCL vs. GREENX METALS LTD
Performance |
| Timeline |
| Internet Thailand PCL |
| GREENX METALS LTD |
Internet Thailand and GREENX METALS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Internet Thailand and GREENX METALS
The main advantage of trading using opposite Internet Thailand and GREENX METALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Internet Thailand position performs unexpectedly, GREENX METALS 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 GREENX METALS will offset losses from the drop in GREENX METALS's long position.| Internet Thailand vs. Marie Brizard Wine | Internet Thailand vs. Harmony Gold Mining | Internet Thailand vs. CapitaLand Investment Limited | Internet Thailand vs. MGIC INVESTMENT |
| GREENX METALS vs. CORONGLRES CDIS101 | GREENX METALS vs. AJ LUCAS GROUP | GREENX METALS vs. Superior Plus Corp | GREENX METALS vs. NMI Holdings |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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