Correlation Between Jay Mart and Chamni Eye
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By analyzing existing cross correlation between Jay Mart Public and Chamni Eye PCL, you can compare the effects of market volatilities on Jay Mart and Chamni Eye 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 Chamni Eye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Chamni Eye.
Diversification Opportunities for Jay Mart and Chamni Eye
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jay and Chamni is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Chamni Eye PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chamni Eye PCL 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 Chamni Eye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chamni Eye PCL has no effect on the direction of Jay Mart i.e., Jay Mart and Chamni Eye go up and down completely randomly.
Pair Corralation between Jay Mart and Chamni Eye
Assuming the 90 days trading horizon Jay Mart Public is expected to generate 56.72 times more return on investment than Chamni Eye. However, Jay Mart is 56.72 times more volatile than Chamni Eye PCL. It trades about 0.08 of its potential returns per unit of risk. Chamni Eye PCL is currently generating about -0.09 per unit of risk. If you would invest 1,593 in Jay Mart Public on September 14, 2024 and sell it today you would lose (233.00) from holding Jay Mart Public or give up 14.63% 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. Chamni Eye PCL
Performance |
| Timeline |
| Jay Mart Public |
| Chamni Eye PCL |
Jay Mart and Chamni Eye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Chamni Eye
The main advantage of trading using opposite Jay Mart and Chamni Eye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Chamni Eye 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 Chamni Eye will offset losses from the drop in Chamni Eye'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 |
| Chamni Eye vs. Bound and Beyond | Chamni Eye vs. Moshi Moshi Retail | Chamni Eye vs. The Erawan Group | Chamni Eye vs. Jay Mart 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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