Correlation Between Mono Next and Kiattana Transport
Can any of the company-specific risk be diversified away by investing in both Mono Next and Kiattana Transport 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 Mono Next and Kiattana Transport into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mono Next Public and Kiattana Transport Public, you can compare the effects of market volatilities on Mono Next and Kiattana Transport 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 Mono Next with a short position of Kiattana Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mono Next and Kiattana Transport.
Diversification Opportunities for Mono Next and Kiattana Transport
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mono and Kiattana is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Mono Next Public and Kiattana Transport Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kiattana Transport Public and Mono Next 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 Mono Next Public are associated (or correlated) with Kiattana Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kiattana Transport Public has no effect on the direction of Mono Next i.e., Mono Next and Kiattana Transport go up and down completely randomly.
Pair Corralation between Mono Next and Kiattana Transport
Assuming the 90 days trading horizon Mono Next is expected to generate 6.03 times less return on investment than Kiattana Transport. But when comparing it to its historical volatility, Mono Next Public is 12.98 times less risky than Kiattana Transport. It trades about 0.11 of its potential returns per unit of risk. Kiattana Transport Public is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 39.00 in Kiattana Transport Public on September 4, 2024 and sell it today you would lose (6.00) from holding Kiattana Transport Public or give up 15.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.64% |
| Values | Daily Returns |
Mono Next Public vs. Kiattana Transport Public
Performance |
| Timeline |
| Mono Next Public |
| Kiattana Transport Public |
Mono Next and Kiattana Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mono Next and Kiattana Transport
The main advantage of trading using opposite Mono Next and Kiattana Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mono Next position performs unexpectedly, Kiattana Transport 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 Kiattana Transport will offset losses from the drop in Kiattana Transport's long position.| Mono Next vs. SRI TRANG GLOVES | Mono Next vs. AEON Thana Sinsap | Mono Next vs. Asian Alliance International | Mono Next vs. Sikarin Public |
| Kiattana Transport vs. Mono Next Public | Kiattana Transport vs. Triple i Logistics | Kiattana Transport vs. Dynasty Ceramic Public | Kiattana Transport vs. The Erawan 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |