Correlation Between Jay Mart and GULF ENERGY
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By analyzing existing cross correlation between Jay Mart Public and GULF ENERGY DEVELOPMENT NVDR, you can compare the effects of market volatilities on Jay Mart and GULF ENERGY 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 GULF ENERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and GULF ENERGY.
Diversification Opportunities for Jay Mart and GULF ENERGY
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jay and GULF is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and GULF ENERGY DEVELOPMENT NVDR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GULF ENERGY DEVELOPMENT 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 GULF ENERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GULF ENERGY DEVELOPMENT has no effect on the direction of Jay Mart i.e., Jay Mart and GULF ENERGY go up and down completely randomly.
Pair Corralation between Jay Mart and GULF ENERGY
Assuming the 90 days trading horizon Jay Mart Public is expected to under-perform the GULF ENERGY. But the stock apears to be less risky and, when comparing its historical volatility, Jay Mart Public is 2.38 times less risky than GULF ENERGY. The stock trades about -0.21 of its potential returns per unit of risk. The GULF ENERGY DEVELOPMENT NVDR is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 4,750 in GULF ENERGY DEVELOPMENT NVDR on August 31, 2024 and sell it today you would earn a total of 1,475 from holding GULF ENERGY DEVELOPMENT NVDR or generate 31.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jay Mart Public vs. GULF ENERGY DEVELOPMENT NVDR
Performance |
| Timeline |
| Jay Mart Public |
| GULF ENERGY DEVELOPMENT |
Jay Mart and GULF ENERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and GULF ENERGY
The main advantage of trading using opposite Jay Mart and GULF ENERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, GULF ENERGY 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 GULF ENERGY will offset losses from the drop in GULF ENERGY'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 |
| GULF ENERGY vs. Thai Oil Public | GULF ENERGY vs. Electricity Generating Public | GULF ENERGY vs. Ratch Group 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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