Correlation Between Jutal Offshore and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Jutal Offshore and Siam Makro at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Jutal Offshore and Siam Makro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jutal Offshore Oil and Siam Makro PCL, you can compare the effects of market volatilities on Jutal Offshore and Siam Makro 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 Jutal Offshore with a short position of Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jutal Offshore and Siam Makro.
Diversification Opportunities for Jutal Offshore and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jutal and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jutal Offshore Oil and Siam Makro PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Makro PCL and Jutal Offshore 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 Jutal Offshore Oil are associated (or correlated) with Siam Makro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Makro PCL has no effect on the direction of Jutal Offshore i.e., Jutal Offshore and Siam Makro go up and down completely randomly.
Pair Corralation between Jutal Offshore and Siam Makro
Assuming the 90 days horizon Jutal Offshore Oil is expected to generate 36.79 times more return on investment than Siam Makro. However, Jutal Offshore is 36.79 times more volatile than Siam Makro PCL. It trades about 0.04 of its potential returns per unit of risk. Siam Makro PCL is currently generating about 0.0 per unit of risk. If you would invest 1,558 in Jutal Offshore Oil on September 4, 2024 and sell it today you would earn a total of 352.00 from holding Jutal Offshore Oil or generate 22.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 52.82% |
| Values | Daily Returns |
Jutal Offshore Oil vs. Siam Makro PCL
Performance |
| Timeline |
| Jutal Offshore Oil |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Jutal Offshore and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jutal Offshore and Siam Makro
The main advantage of trading using opposite Jutal Offshore and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jutal Offshore position performs unexpectedly, Siam Makro 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 Siam Makro will offset losses from the drop in Siam Makro's long position.| Jutal Offshore vs. Expro Group Holdings | Jutal Offshore vs. ChampionX | Jutal Offshore vs. Ranger Energy Services | Jutal Offshore vs. Cactus Inc |
| Siam Makro vs. ATRenew Inc DRC | Siam Makro vs. Franklin Wireless Corp | Siam Makro vs. Titan Machinery | Siam Makro vs. Asbury Automotive Group |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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