Correlation Between Jay Mart and Chonburi Concrete
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By analyzing existing cross correlation between Jay Mart Public and Chonburi Concrete Product, you can compare the effects of market volatilities on Jay Mart and Chonburi Concrete 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 Chonburi Concrete. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Chonburi Concrete.
Diversification Opportunities for Jay Mart and Chonburi Concrete
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jay and Chonburi is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Chonburi Concrete Product in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chonburi Concrete Product 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 Chonburi Concrete. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chonburi Concrete Product has no effect on the direction of Jay Mart i.e., Jay Mart and Chonburi Concrete go up and down completely randomly.
Pair Corralation between Jay Mart and Chonburi Concrete
Assuming the 90 days trading horizon Jay Mart Public is expected to generate 1.41 times more return on investment than Chonburi Concrete. However, Jay Mart is 1.41 times more volatile than Chonburi Concrete Product. It trades about 0.05 of its potential returns per unit of risk. Chonburi Concrete Product is currently generating about 0.04 per unit of risk. If you would invest 4,100 in Jay Mart Public on September 13, 2024 and sell it today you would lose (2,740) from holding Jay Mart Public or give up 66.83% 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. Chonburi Concrete Product
Performance |
| Timeline |
| Jay Mart Public |
| Chonburi Concrete Product |
Jay Mart and Chonburi Concrete Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Chonburi Concrete
The main advantage of trading using opposite Jay Mart and Chonburi Concrete positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Chonburi Concrete 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 Chonburi Concrete will offset losses from the drop in Chonburi Concrete's long position.| Jay Mart vs. Siri Prime Office | Jay Mart vs. Quality Houses Property | Jay Mart vs. The Erawan Group | Jay Mart vs. Airports of Thailand |
| Chonburi Concrete vs. Thantawan Industry Public | Chonburi Concrete vs. The Erawan Group | Chonburi Concrete vs. Jay Mart Public | Chonburi Concrete 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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