Correlation Between Ingress Industrial and PINTHONG INDUSTRIAL
Can any of the company-specific risk be diversified away by investing in both Ingress Industrial and PINTHONG INDUSTRIAL 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 Ingress Industrial and PINTHONG INDUSTRIAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ingress Industrial Public and PINTHONG INDUSTRIAL PARK, you can compare the effects of market volatilities on Ingress Industrial and PINTHONG INDUSTRIAL 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 Ingress Industrial with a short position of PINTHONG INDUSTRIAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingress Industrial and PINTHONG INDUSTRIAL.
Diversification Opportunities for Ingress Industrial and PINTHONG INDUSTRIAL
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ingress and PINTHONG is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Ingress Industrial Public and PINTHONG INDUSTRIAL PARK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PINTHONG INDUSTRIAL PARK and Ingress Industrial 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 Ingress Industrial Public are associated (or correlated) with PINTHONG INDUSTRIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PINTHONG INDUSTRIAL PARK has no effect on the direction of Ingress Industrial i.e., Ingress Industrial and PINTHONG INDUSTRIAL go up and down completely randomly.
Pair Corralation between Ingress Industrial and PINTHONG INDUSTRIAL
Assuming the 90 days trading horizon Ingress Industrial Public is expected to generate 17.55 times more return on investment than PINTHONG INDUSTRIAL. However, Ingress Industrial is 17.55 times more volatile than PINTHONG INDUSTRIAL PARK. It trades about 0.05 of its potential returns per unit of risk. PINTHONG INDUSTRIAL PARK is currently generating about 0.07 per unit of risk. If you would invest 48.00 in Ingress Industrial Public on September 14, 2024 and sell it today you would lose (15.00) from holding Ingress Industrial Public or give up 31.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ingress Industrial Public vs. PINTHONG INDUSTRIAL PARK
Performance |
| Timeline |
| Ingress Industrial Public |
| PINTHONG INDUSTRIAL PARK |
Ingress Industrial and PINTHONG INDUSTRIAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ingress Industrial and PINTHONG INDUSTRIAL
The main advantage of trading using opposite Ingress Industrial and PINTHONG INDUSTRIAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingress Industrial position performs unexpectedly, PINTHONG INDUSTRIAL 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 PINTHONG INDUSTRIAL will offset losses from the drop in PINTHONG INDUSTRIAL's long position.| Ingress Industrial vs. Hwa Fong Rubber | Ingress Industrial vs. AAPICO Hitech Public | Ingress Industrial vs. Haad Thip Public | Ingress Industrial vs. Italian Thai Development Public |
| PINTHONG INDUSTRIAL vs. Peace Living PCL | PINTHONG INDUSTRIAL vs. The Platinum Group | PINTHONG INDUSTRIAL vs. Property Perfect Public | PINTHONG INDUSTRIAL vs. Siamese Asset 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| CEOs Directory Screen CEOs from public companies around the world |