Correlation Between Flutter Entertainment and Siamgas
Can any of the company-specific risk be diversified away by investing in both Flutter Entertainment and Siamgas 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 Flutter Entertainment and Siamgas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Flutter Entertainment PLC and Siamgas And Petrochemicals, you can compare the effects of market volatilities on Flutter Entertainment and Siamgas 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 Flutter Entertainment with a short position of Siamgas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flutter Entertainment and Siamgas.
Diversification Opportunities for Flutter Entertainment and Siamgas
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Flutter and Siamgas is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Flutter Entertainment PLC and Siamgas And Petrochemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siamgas And Petroche and Flutter Entertainment 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 Flutter Entertainment PLC are associated (or correlated) with Siamgas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siamgas And Petroche has no effect on the direction of Flutter Entertainment i.e., Flutter Entertainment and Siamgas go up and down completely randomly.
Pair Corralation between Flutter Entertainment and Siamgas
If you would invest 24,570 in Flutter Entertainment PLC on October 25, 2024 and sell it today you would earn a total of 1,320 from holding Flutter Entertainment PLC or generate 5.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Flutter Entertainment PLC vs. Siamgas And Petrochemicals
Performance |
| Timeline |
| Flutter Entertainment PLC |
| Siamgas And Petroche |
Flutter Entertainment and Siamgas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Flutter Entertainment and Siamgas
The main advantage of trading using opposite Flutter Entertainment and Siamgas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flutter Entertainment position performs unexpectedly, Siamgas 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 Siamgas will offset losses from the drop in Siamgas' long position.| Flutter Entertainment vs. Apple Inc | Flutter Entertainment vs. Apple Inc | Flutter Entertainment vs. Apple Inc | Flutter Entertainment vs. Apple Inc |
| Siamgas vs. Liberty Broadband | Siamgas vs. TEXAS ROADHOUSE | Siamgas vs. VARIOUS EATERIES LS | Siamgas vs. BII Railway Transportation |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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