Correlation Between Lohakit Metal and Amata Public
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By analyzing existing cross correlation between Lohakit Metal Public and Amata Public, you can compare the effects of market volatilities on Lohakit Metal and Amata 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 Lohakit Metal with a short position of Amata Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lohakit Metal and Amata Public.
Diversification Opportunities for Lohakit Metal and Amata Public
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Lohakit and Amata is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Lohakit Metal Public and Amata Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amata Public and Lohakit Metal 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 Lohakit Metal Public are associated (or correlated) with Amata Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amata Public has no effect on the direction of Lohakit Metal i.e., Lohakit Metal and Amata Public go up and down completely randomly.
Pair Corralation between Lohakit Metal and Amata Public
If you would invest 372.00 in Lohakit Metal Public on September 12, 2024 and sell it today you would earn a total of 4.00 from holding Lohakit Metal Public or generate 1.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Lohakit Metal Public vs. Amata Public
Performance |
| Timeline |
| Lohakit Metal Public |
| Amata Public |
Lohakit Metal and Amata Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lohakit Metal and Amata Public
The main advantage of trading using opposite Lohakit Metal and Amata Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lohakit Metal position performs unexpectedly, Amata 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 Amata Public will offset losses from the drop in Amata Public's long position.| Lohakit Metal vs. Tata Steel Public | Lohakit Metal vs. TTCL Public | Lohakit Metal vs. Thaifoods Group Public | Lohakit Metal vs. TMT Steel Public |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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