Correlation Between Jay Mart and Asia Metal
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By analyzing existing cross correlation between Jay Mart Public and Asia Metal Public, you can compare the effects of market volatilities on Jay Mart and Asia Metal 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 Jay Mart with a short position of Asia Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Asia Metal.
Diversification Opportunities for Jay Mart and Asia Metal
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jay and Asia is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Asia Metal Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Metal Public and Jay Mart 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 Jay Mart Public are associated (or correlated) with Asia Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Metal Public has no effect on the direction of Jay Mart i.e., Jay Mart and Asia Metal go up and down completely randomly.
Pair Corralation between Jay Mart and Asia Metal
Assuming the 90 days trading horizon Jay Mart Public is expected to generate 1.41 times more return on investment than Asia Metal. However, Jay Mart is 1.41 times more volatile than Asia Metal Public. It trades about 0.07 of its potential returns per unit of risk. Asia Metal Public is currently generating about 0.05 per unit of risk. If you would invest 1,593 in Jay Mart Public on September 12, 2024 and sell it today you would lose (213.00) from holding Jay Mart Public or give up 13.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jay Mart Public vs. Asia Metal Public
Performance |
| Timeline |
| Jay Mart Public |
| Asia Metal Public |
Jay Mart and Asia Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Asia Metal
The main advantage of trading using opposite Jay Mart and Asia Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Asia Metal 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 Asia Metal will offset losses from the drop in Asia Metal's long position.| Jay Mart vs. Jay Mart Public | Jay Mart vs. Krungthai Card Public | Jay Mart vs. Kasikornbank Public | Jay Mart vs. KERRY EXPRESS |
| Asia Metal vs. Thantawan Industry Public | Asia Metal vs. The Erawan Group | Asia Metal vs. Jay Mart Public | Asia Metal vs. Airports of Thailand |
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 CEOs Directory module to screen CEOs from public companies around the world.
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