Correlation Between Jasmine International and TTCL Public
Can any of the company-specific risk be diversified away by investing in both Jasmine International and TTCL Public 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 Jasmine International and TTCL Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jasmine International Public and TTCL Public, you can compare the effects of market volatilities on Jasmine International and TTCL Public 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 Jasmine International with a short position of TTCL Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jasmine International and TTCL Public.
Diversification Opportunities for Jasmine International and TTCL Public
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jasmine and TTCL is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Jasmine International Public and TTCL Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TTCL Public and Jasmine International 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 Jasmine International Public are associated (or correlated) with TTCL Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TTCL Public has no effect on the direction of Jasmine International i.e., Jasmine International and TTCL Public go up and down completely randomly.
Pair Corralation between Jasmine International and TTCL Public
Assuming the 90 days trading horizon Jasmine International Public is expected to under-perform the TTCL Public. But the stock apears to be less risky and, when comparing its historical volatility, Jasmine International Public is 32.45 times less risky than TTCL Public. The stock trades about -0.06 of its potential returns per unit of risk. The TTCL Public is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 350.00 in TTCL Public on November 3, 2024 and sell it today you would lose (167.00) from holding TTCL Public or give up 47.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jasmine International Public vs. TTCL Public
Performance |
| Timeline |
| Jasmine International |
| TTCL Public |
Jasmine International and TTCL Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jasmine International and TTCL Public
The main advantage of trading using opposite Jasmine International and TTCL Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jasmine International position performs unexpectedly, TTCL Public 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 TTCL Public will offset losses from the drop in TTCL Public's long position.| Jasmine International vs. True Public | Jasmine International vs. Land and Houses | Jasmine International vs. Advanced Info Service | Jasmine International vs. Krung Thai Bank |
| TTCL Public vs. STPI Public | TTCL Public vs. WHA Public | TTCL Public vs. Italian Thai Development Public | TTCL Public vs. Jasmine International 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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