Correlation Between ONE Enterprise and Jay Mart
Can any of the company-specific risk be diversified away by investing in both ONE Enterprise and Jay Mart 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 ONE Enterprise and Jay Mart into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The ONE Enterprise and Jay Mart Public, you can compare the effects of market volatilities on ONE Enterprise and Jay Mart 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 ONE Enterprise with a short position of Jay Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of ONE Enterprise and Jay Mart.
Diversification Opportunities for ONE Enterprise and Jay Mart
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between ONE and Jay is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding The ONE Enterprise and Jay Mart Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jay Mart Public and ONE Enterprise 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 The ONE Enterprise are associated (or correlated) with Jay Mart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jay Mart Public has no effect on the direction of ONE Enterprise i.e., ONE Enterprise and Jay Mart go up and down completely randomly.
Pair Corralation between ONE Enterprise and Jay Mart
Assuming the 90 days trading horizon The ONE Enterprise is expected to generate 0.54 times more return on investment than Jay Mart. However, The ONE Enterprise is 1.85 times less risky than Jay Mart. It trades about -0.01 of its potential returns per unit of risk. Jay Mart Public is currently generating about -0.11 per unit of risk. If you would invest 394.00 in The ONE Enterprise on September 4, 2024 and sell it today you would lose (2.00) from holding The ONE Enterprise or give up 0.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
The ONE Enterprise vs. Jay Mart Public
Performance |
| Timeline |
| ONE Enterprise |
| Jay Mart Public |
ONE Enterprise and Jay Mart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ONE Enterprise and Jay Mart
The main advantage of trading using opposite ONE Enterprise and Jay Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ONE Enterprise position performs unexpectedly, Jay Mart 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 Jay Mart will offset losses from the drop in Jay Mart's long position.| ONE Enterprise vs. Plan B Media | ONE Enterprise vs. Origin Property PCL | ONE Enterprise vs. Gulf Energy Development | ONE Enterprise vs. PTT Oil and |
| Jay Mart vs. KCE Electronics Public | Jay Mart vs. Land and Houses | Jay Mart vs. The Siam Cement | Jay Mart vs. Bangkok Bank 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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