Correlation Between Pha Lai and COMA 18
Can any of the company-specific risk be diversified away by investing in both Pha Lai and COMA 18 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 Pha Lai and COMA 18 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pha Lai Thermal and COMA 18 JSC, you can compare the effects of market volatilities on Pha Lai and COMA 18 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 Pha Lai with a short position of COMA 18. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pha Lai and COMA 18.
Diversification Opportunities for Pha Lai and COMA 18
Pay attention - limited upside
The 3 months correlation between Pha and COMA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Pha Lai Thermal and COMA 18 JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMA 18 JSC and Pha Lai 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 Pha Lai Thermal are associated (or correlated) with COMA 18. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMA 18 JSC has no effect on the direction of Pha Lai i.e., Pha Lai and COMA 18 go up and down completely randomly.
Pair Corralation between Pha Lai and COMA 18
If you would invest 0.00 in COMA 18 JSC on September 12, 2024 and sell it today you would earn a total of 0.00 from holding COMA 18 JSC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.29% |
| Values | Daily Returns |
Pha Lai Thermal vs. COMA 18 JSC
Performance |
| Timeline |
| Pha Lai Thermal |
| COMA 18 JSC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Pha Lai and COMA 18 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pha Lai and COMA 18
The main advantage of trading using opposite Pha Lai and COMA 18 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pha Lai position performs unexpectedly, COMA 18 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 COMA 18 will offset losses from the drop in COMA 18's long position.The idea behind Pha Lai Thermal and COMA 18 JSC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| COMA 18 vs. PVI Reinsurance Corp | COMA 18 vs. Hochiminh City Metal | COMA 18 vs. Riverway Management JSC | COMA 18 vs. IDJ FINANCIAL |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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