Correlation Between Major Cineplex and Indara Insurance
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By analyzing existing cross correlation between Major Cineplex Group and Indara Insurance Public, you can compare the effects of market volatilities on Major Cineplex and Indara Insurance 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 Major Cineplex with a short position of Indara Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Major Cineplex and Indara Insurance.
Diversification Opportunities for Major Cineplex and Indara Insurance
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Major and Indara is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Major Cineplex Group and Indara Insurance Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Indara Insurance Public and Major Cineplex 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 Major Cineplex Group are associated (or correlated) with Indara Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Indara Insurance Public has no effect on the direction of Major Cineplex i.e., Major Cineplex and Indara Insurance go up and down completely randomly.
Pair Corralation between Major Cineplex and Indara Insurance
Assuming the 90 days trading horizon Major Cineplex Group is expected to generate 1.41 times more return on investment than Indara Insurance. However, Major Cineplex is 1.41 times more volatile than Indara Insurance Public. It trades about 0.08 of its potential returns per unit of risk. Indara Insurance Public is currently generating about 0.06 per unit of risk. If you would invest 1,450 in Major Cineplex Group on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Major Cineplex Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Major Cineplex Group vs. Indara Insurance Public
Performance |
| Timeline |
| Major Cineplex Group |
| Indara Insurance Public |
Major Cineplex and Indara Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Major Cineplex and Indara Insurance
The main advantage of trading using opposite Major Cineplex and Indara Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Major Cineplex position performs unexpectedly, Indara Insurance 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 Indara Insurance will offset losses from the drop in Indara Insurance's long position.| Major Cineplex vs. Indara Insurance Public | Major Cineplex vs. Mahachai Hospital Public | Major Cineplex vs. Rajthanee Hospital Public | Major Cineplex vs. Patrangsit Healthcare Group |
| Indara Insurance vs. Thai Steel Cable | Indara Insurance vs. Tropical Canning Public | Indara Insurance vs. RB Food Supply | Indara Insurance vs. Eureka Design 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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