Correlation Between Jay Mart and Pacific Pipe
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By analyzing existing cross correlation between Jay Mart Public and Pacific Pipe Public, you can compare the effects of market volatilities on Jay Mart and Pacific Pipe 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 Pacific Pipe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Pacific Pipe.
Diversification Opportunities for Jay Mart and Pacific Pipe
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jay and Pacific is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Pacific Pipe Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pacific Pipe 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 Pacific Pipe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pacific Pipe Public has no effect on the direction of Jay Mart i.e., Jay Mart and Pacific Pipe go up and down completely randomly.
Pair Corralation between Jay Mart and Pacific Pipe
Assuming the 90 days trading horizon Jay Mart Public is expected to under-perform the Pacific Pipe. In addition to that, Jay Mart is 1.96 times more volatile than Pacific Pipe Public. It trades about -0.16 of its total potential returns per unit of risk. Pacific Pipe Public is currently generating about -0.26 per unit of volatility. If you would invest 191.00 in Pacific Pipe Public on September 14, 2024 and sell it today you would lose (21.00) from holding Pacific Pipe Public or give up 10.99% 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. Pacific Pipe Public
Performance |
| Timeline |
| Jay Mart Public |
| Pacific Pipe Public |
Jay Mart and Pacific Pipe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Pacific Pipe
The main advantage of trading using opposite Jay Mart and Pacific Pipe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Pacific Pipe 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 Pacific Pipe will offset losses from the drop in Pacific Pipe'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 |
| Pacific Pipe vs. TMT Steel Public | Pacific Pipe vs. MCS Steel Public | Pacific Pipe vs. KGI Securities Public | Pacific Pipe vs. Permsin Steel Works |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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