Correlation Between NYSE Composite and Siam City
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and Siam City 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 NYSE Composite and Siam City into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and Siam City Cement, you can compare the effects of market volatilities on NYSE Composite and Siam City 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 NYSE Composite with a short position of Siam City. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Siam City.
Diversification Opportunities for NYSE Composite and Siam City
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NYSE and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Siam City Cement in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam City Cement and NYSE Composite 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 NYSE Composite are associated (or correlated) with Siam City. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam City Cement has no effect on the direction of NYSE Composite i.e., NYSE Composite and Siam City go up and down completely randomly.
Pair Corralation between NYSE Composite and Siam City
If you would invest 330.00 in Siam City Cement on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Siam City Cement or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
NYSE Composite vs. Siam City Cement
Performance |
| Timeline |
NYSE Composite and Siam City Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Siam City Cement
Pair trading matchups for Siam City
Pair Trading with NYSE Composite and Siam City
The main advantage of trading using opposite NYSE Composite and Siam City positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Siam City 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 Siam City will offset losses from the drop in Siam City's long position.| NYSE Composite vs. Teleflex Incorporated | NYSE Composite vs. Victorias Secret Co | NYSE Composite vs. Under Armour C | NYSE Composite vs. Steven Madden |
| Siam City vs. Aegon NV ADR | Siam City vs. AmTrust Financial Services | Siam City vs. Western Union Co | Siam City vs. BCB Bancorp |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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