Correlation Between INET Leasehold and Somboon Advance
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By analyzing existing cross correlation between INET Leasehold REIT and Somboon Advance Technology, you can compare the effects of market volatilities on INET Leasehold and Somboon Advance 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 INET Leasehold with a short position of Somboon Advance. Check out your portfolio center. Please also check ongoing floating volatility patterns of INET Leasehold and Somboon Advance.
Diversification Opportunities for INET Leasehold and Somboon Advance
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between INET and Somboon is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding INET Leasehold REIT and Somboon Advance Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Somboon Advance Tech and INET Leasehold 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 INET Leasehold REIT are associated (or correlated) with Somboon Advance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Somboon Advance Tech has no effect on the direction of INET Leasehold i.e., INET Leasehold and Somboon Advance go up and down completely randomly.
Pair Corralation between INET Leasehold and Somboon Advance
Assuming the 90 days trading horizon INET Leasehold REIT is expected to generate 0.67 times more return on investment than Somboon Advance. However, INET Leasehold REIT is 1.49 times less risky than Somboon Advance. It trades about 0.04 of its potential returns per unit of risk. Somboon Advance Technology is currently generating about -0.34 per unit of risk. If you would invest 850.00 in INET Leasehold REIT on August 29, 2024 and sell it today you would earn a total of 5.00 from holding INET Leasehold REIT or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
INET Leasehold REIT vs. Somboon Advance Technology
Performance |
| Timeline |
| INET Leasehold REIT |
| Somboon Advance Tech |
INET Leasehold and Somboon Advance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INET Leasehold and Somboon Advance
The main advantage of trading using opposite INET Leasehold and Somboon Advance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INET Leasehold position performs unexpectedly, Somboon Advance 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 Somboon Advance will offset losses from the drop in Somboon Advance's long position.| INET Leasehold vs. Impact Growth REIT | INET Leasehold vs. Internet Thailand Public | INET Leasehold vs. CPN Retail Growth | INET Leasehold vs. Golden Ventures Leasehold |
| Somboon Advance vs. CP ALL Public | Somboon Advance vs. Bangkok Dusit Medical | Somboon Advance vs. Central Pattana Public | Somboon Advance vs. Advanced Info Service |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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