Correlation Between PINTHONG INDUSTRIAL and Ingress Industrial
Can any of the company-specific risk be diversified away by investing in both PINTHONG INDUSTRIAL and Ingress Industrial 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 PINTHONG INDUSTRIAL and Ingress Industrial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PINTHONG INDUSTRIAL PARK and Ingress Industrial Public, you can compare the effects of market volatilities on PINTHONG INDUSTRIAL and Ingress Industrial 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 PINTHONG INDUSTRIAL with a short position of Ingress Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of PINTHONG INDUSTRIAL and Ingress Industrial.
Diversification Opportunities for PINTHONG INDUSTRIAL and Ingress Industrial
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PINTHONG and Ingress is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding PINTHONG INDUSTRIAL PARK and Ingress Industrial Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ingress Industrial Public and PINTHONG INDUSTRIAL 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 PINTHONG INDUSTRIAL PARK are associated (or correlated) with Ingress Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ingress Industrial Public has no effect on the direction of PINTHONG INDUSTRIAL i.e., PINTHONG INDUSTRIAL and Ingress Industrial go up and down completely randomly.
Pair Corralation between PINTHONG INDUSTRIAL and Ingress Industrial
Assuming the 90 days trading horizon PINTHONG INDUSTRIAL PARK is expected to generate 0.71 times more return on investment than Ingress Industrial. However, PINTHONG INDUSTRIAL PARK is 1.41 times less risky than Ingress Industrial. It trades about 0.06 of its potential returns per unit of risk. Ingress Industrial Public is currently generating about -0.02 per unit of risk. If you would invest 322.00 in PINTHONG INDUSTRIAL PARK on December 4, 2024 and sell it today you would earn a total of 283.00 from holding PINTHONG INDUSTRIAL PARK or generate 87.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
PINTHONG INDUSTRIAL PARK vs. Ingress Industrial Public
Performance |
| Timeline |
| PINTHONG INDUSTRIAL PARK |
| Ingress Industrial Public |
PINTHONG INDUSTRIAL and Ingress Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PINTHONG INDUSTRIAL and Ingress Industrial
The main advantage of trading using opposite PINTHONG INDUSTRIAL and Ingress Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PINTHONG INDUSTRIAL position performs unexpectedly, Ingress Industrial 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 Ingress Industrial will offset losses from the drop in Ingress Industrial's long position.| PINTHONG INDUSTRIAL vs. Peace Living PCL | PINTHONG INDUSTRIAL vs. The Platinum Group | PINTHONG INDUSTRIAL vs. Property Perfect Public | PINTHONG INDUSTRIAL vs. Siamese Asset Public |
| Ingress Industrial vs. Hwa Fong Rubber | Ingress Industrial vs. POSCO Thainox Public | Ingress Industrial vs. Ichitan Group Public | Ingress Industrial vs. Eternal Energy 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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