Correlation Between ONE Enterprise and Moong Pattana
Can any of the company-specific risk be diversified away by investing in both ONE Enterprise and Moong Pattana 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 Moong Pattana 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 Moong Pattana International, you can compare the effects of market volatilities on ONE Enterprise and Moong Pattana 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 Moong Pattana. Check out your portfolio center. Please also check ongoing floating volatility patterns of ONE Enterprise and Moong Pattana.
Diversification Opportunities for ONE Enterprise and Moong Pattana
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ONE and Moong is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding The ONE Enterprise and Moong Pattana International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moong Pattana Intern 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 Moong Pattana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moong Pattana Intern has no effect on the direction of ONE Enterprise i.e., ONE Enterprise and Moong Pattana go up and down completely randomly.
Pair Corralation between ONE Enterprise and Moong Pattana
Assuming the 90 days trading horizon The ONE Enterprise is expected to under-perform the Moong Pattana. But the stock apears to be less risky and, when comparing its historical volatility, The ONE Enterprise is 28.71 times less risky than Moong Pattana. The stock trades about -0.03 of its potential returns per unit of risk. The Moong Pattana International is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 207.00 in Moong Pattana International on September 1, 2024 and sell it today you would earn a total of 7.00 from holding Moong Pattana International or generate 3.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
The ONE Enterprise vs. Moong Pattana International
Performance |
| Timeline |
| ONE Enterprise |
| Moong Pattana Intern |
ONE Enterprise and Moong Pattana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ONE Enterprise and Moong Pattana
The main advantage of trading using opposite ONE Enterprise and Moong Pattana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ONE Enterprise position performs unexpectedly, Moong Pattana 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 Moong Pattana will offset losses from the drop in Moong Pattana'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 |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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