Correlation Between Mena Transport and AEON Thana
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By analyzing existing cross correlation between Mena Transport Public and AEON Thana Sinsap, you can compare the effects of market volatilities on Mena Transport and AEON Thana 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 Mena Transport with a short position of AEON Thana. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mena Transport and AEON Thana.
Diversification Opportunities for Mena Transport and AEON Thana
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mena and AEON is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Mena Transport Public and AEON Thana Sinsap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEON Thana Sinsap and Mena Transport 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 Mena Transport Public are associated (or correlated) with AEON Thana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEON Thana Sinsap has no effect on the direction of Mena Transport i.e., Mena Transport and AEON Thana go up and down completely randomly.
Pair Corralation between Mena Transport and AEON Thana
Assuming the 90 days trading horizon Mena Transport is expected to generate 579.3 times less return on investment than AEON Thana. But when comparing it to its historical volatility, Mena Transport Public is 109.66 times less risky than AEON Thana. It trades about 0.04 of its potential returns per unit of risk. AEON Thana Sinsap is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 16,575 in AEON Thana Sinsap on September 5, 2024 and sell it today you would lose (4,075) from holding AEON Thana Sinsap or give up 24.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 69.57% |
| Values | Daily Returns |
Mena Transport Public vs. AEON Thana Sinsap
Performance |
| Timeline |
| Mena Transport Public |
| AEON Thana Sinsap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Mena Transport and AEON Thana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mena Transport and AEON Thana
The main advantage of trading using opposite Mena Transport and AEON Thana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mena Transport position performs unexpectedly, AEON Thana 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 AEON Thana will offset losses from the drop in AEON Thana's long position.| Mena Transport vs. Mono Next Public | Mena Transport vs. Triple i Logistics | Mena Transport vs. Dynasty Ceramic 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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