Correlation Between Intouch Holdings and Prime Road
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By analyzing existing cross correlation between Intouch Holdings Public and Prime Road Power, you can compare the effects of market volatilities on Intouch Holdings and Prime Road 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 Intouch Holdings with a short position of Prime Road. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intouch Holdings and Prime Road.
Diversification Opportunities for Intouch Holdings and Prime Road
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Intouch and Prime is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Intouch Holdings Public and Prime Road Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prime Road Power and Intouch Holdings 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 Intouch Holdings Public are associated (or correlated) with Prime Road. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prime Road Power has no effect on the direction of Intouch Holdings i.e., Intouch Holdings and Prime Road go up and down completely randomly.
Pair Corralation between Intouch Holdings and Prime Road
Assuming the 90 days trading horizon Intouch Holdings is expected to generate 20.2 times less return on investment than Prime Road. But when comparing it to its historical volatility, Intouch Holdings Public is 40.34 times less risky than Prime Road. It trades about 0.1 of its potential returns per unit of risk. Prime Road Power is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 62.00 in Prime Road Power on September 15, 2024 and sell it today you would lose (40.00) from holding Prime Road Power or give up 64.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intouch Holdings Public vs. Prime Road Power
Performance |
| Timeline |
| Intouch Holdings Public |
| Prime Road Power |
Intouch Holdings and Prime Road Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intouch Holdings and Prime Road
The main advantage of trading using opposite Intouch Holdings and Prime Road positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intouch Holdings position performs unexpectedly, Prime Road 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 Prime Road will offset losses from the drop in Prime Road's long position.| Intouch Holdings vs. True Public | Intouch Holdings vs. CP ALL Public | Intouch Holdings vs. The Siam Cement | Intouch Holdings vs. Charoen Pokphand Foods |
| Prime Road vs. BCPG Public | Prime Road vs. Energy Absolute Public | Prime Road vs. Gunkul Engineering Public | Prime Road vs. Gulf Energy Development |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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