Correlation Between Patrangsit Healthcare and Supalai Public
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By analyzing existing cross correlation between Patrangsit Healthcare Group and Supalai Public, you can compare the effects of market volatilities on Patrangsit Healthcare and Supalai 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 Patrangsit Healthcare with a short position of Supalai Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Patrangsit Healthcare and Supalai Public.
Diversification Opportunities for Patrangsit Healthcare and Supalai Public
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Patrangsit and Supalai is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Patrangsit Healthcare Group and Supalai Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Supalai Public and Patrangsit Healthcare 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 Patrangsit Healthcare Group are associated (or correlated) with Supalai Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Supalai Public has no effect on the direction of Patrangsit Healthcare i.e., Patrangsit Healthcare and Supalai Public go up and down completely randomly.
Pair Corralation between Patrangsit Healthcare and Supalai Public
Assuming the 90 days trading horizon Patrangsit Healthcare is expected to generate 1.45 times less return on investment than Supalai Public. But when comparing it to its historical volatility, Patrangsit Healthcare Group is 1.2 times less risky than Supalai Public. It trades about 0.05 of its potential returns per unit of risk. Supalai Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,478 in Supalai Public on September 12, 2024 and sell it today you would lose (548.00) from holding Supalai Public or give up 22.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 72.77% |
| Values | Daily Returns |
Patrangsit Healthcare Group vs. Supalai Public
Performance |
| Timeline |
| Patrangsit Healthcare |
| Supalai Public |
Patrangsit Healthcare and Supalai Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Patrangsit Healthcare and Supalai Public
The main advantage of trading using opposite Patrangsit Healthcare and Supalai Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Patrangsit Healthcare position performs unexpectedly, Supalai 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 Supalai Public will offset losses from the drop in Supalai Public's long position.| Patrangsit Healthcare vs. Delta Electronics Public | Patrangsit Healthcare vs. Delta Electronics Public | Patrangsit Healthcare vs. Airports of Thailand | Patrangsit Healthcare vs. Airports of Thailand |
| Supalai Public vs. Property Perfect Public | Supalai Public vs. The Erawan Group | Supalai Public vs. Jay Mart Public | Supalai Public vs. Airports of Thailand |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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