Correlation Between Netflix and Thaicom Public
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By analyzing existing cross correlation between Netflix and Thaicom Public, you can compare the effects of market volatilities on Netflix and Thaicom 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 Netflix with a short position of Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netflix and Thaicom Public.
Diversification Opportunities for Netflix and Thaicom Public
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Netflix and Thaicom is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Netflix and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom Public and Netflix 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 Netflix are associated (or correlated) with Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of Netflix i.e., Netflix and Thaicom Public go up and down completely randomly.
Pair Corralation between Netflix and Thaicom Public
Given the investment horizon of 90 days Netflix is expected to generate 15.1 times less return on investment than Thaicom Public. But when comparing it to its historical volatility, Netflix is 30.11 times less risky than Thaicom Public. It trades about 0.12 of its potential returns per unit of risk. Thaicom Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,332 in Thaicom Public on September 12, 2024 and sell it today you would earn a total of 108.00 from holding Thaicom Public or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.17% |
| Values | Daily Returns |
Netflix vs. Thaicom Public
Performance |
| Timeline |
| Netflix |
| Thaicom Public |
Netflix and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netflix and Thaicom Public
The main advantage of trading using opposite Netflix and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netflix position performs unexpectedly, Thaicom 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 Thaicom Public will offset losses from the drop in Thaicom Public's long position.| Netflix vs. Paramount Global Class | Netflix vs. Roku Inc | Netflix vs. Warner Bros Discovery | Netflix vs. AMC Entertainment Holdings |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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