Correlation Between Jay Mart and Thai Coating
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By analyzing existing cross correlation between Jay Mart Public and Thai Coating Industrial, you can compare the effects of market volatilities on Jay Mart and Thai Coating 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 Thai Coating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Thai Coating.
Diversification Opportunities for Jay Mart and Thai Coating
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jay and Thai is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Thai Coating Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Coating Industrial 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 Thai Coating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Coating Industrial has no effect on the direction of Jay Mart i.e., Jay Mart and Thai Coating go up and down completely randomly.
Pair Corralation between Jay Mart and Thai Coating
Assuming the 90 days trading horizon Jay Mart Public is expected to under-perform the Thai Coating. But the stock apears to be less risky and, when comparing its historical volatility, Jay Mart Public is 2.07 times less risky than Thai Coating. The stock trades about -0.1 of its potential returns per unit of risk. The Thai Coating Industrial is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,525 in Thai Coating Industrial on September 13, 2024 and sell it today you would lose (85.00) from holding Thai Coating Industrial or give up 3.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jay Mart Public vs. Thai Coating Industrial
Performance |
| Timeline |
| Jay Mart Public |
| Thai Coating Industrial |
Jay Mart and Thai Coating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Thai Coating
The main advantage of trading using opposite Jay Mart and Thai Coating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Thai Coating 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 Thai Coating will offset losses from the drop in Thai Coating'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 |
| Thai Coating vs. Thantawan Industry Public | Thai Coating vs. Thai Packaging Printing | Thai Coating vs. Thai Metal Drum | Thai Coating vs. Thai Film Industries |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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