Correlation Between Jay Mart and Thaicom Public
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jay Mart Public and Thaicom Public, you can compare the effects of market volatilities on Jay Mart and Thaicom Public 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 Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Thaicom Public.
Diversification Opportunities for Jay Mart and Thaicom Public
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jay and Thaicom is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom 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 Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of Jay Mart i.e., Jay Mart and Thaicom Public go up and down completely randomly.
Pair Corralation between Jay Mart and Thaicom Public
Assuming the 90 days trading horizon Jay Mart is expected to generate 1.06 times less return on investment than Thaicom Public. In addition to that, Jay Mart is 1.0 times more volatile than Thaicom Public. It trades about 0.05 of its total potential returns per unit of risk. Thaicom Public is currently generating about 0.06 per unit of volatility. If you would invest 1,332 in Thaicom Public on September 12, 2024 and sell it today you would earn a total of 108.00 from holding Thaicom Public or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jay Mart Public vs. Thaicom Public
Performance |
| Timeline |
| Jay Mart Public |
| Thaicom Public |
Jay Mart and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Thaicom Public
The main advantage of trading using opposite Jay Mart and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Thaicom Public 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 Thaicom Public will offset losses from the drop in Thaicom Public'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 |
| Thaicom Public vs. Siri Prime Office | Thaicom Public vs. Quality Houses Property | Thaicom Public vs. The Erawan Group | Thaicom Public 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |