Correlation Between Porn Prom and Asia Medical
Can any of the company-specific risk be diversified away by investing in both Porn Prom and Asia Medical 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 Porn Prom and Asia Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Porn Prom Metal and Asia Medical Agricultural, you can compare the effects of market volatilities on Porn Prom and Asia Medical 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 Porn Prom with a short position of Asia Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Porn Prom and Asia Medical.
Diversification Opportunities for Porn Prom and Asia Medical
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Porn and Asia is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Porn Prom Metal and Asia Medical Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Medical Agricultural and Porn Prom 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 Porn Prom Metal are associated (or correlated) with Asia Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Medical Agricultural has no effect on the direction of Porn Prom i.e., Porn Prom and Asia Medical go up and down completely randomly.
Pair Corralation between Porn Prom and Asia Medical
Assuming the 90 days trading horizon Porn Prom Metal is expected to generate 1.27 times more return on investment than Asia Medical. However, Porn Prom is 1.27 times more volatile than Asia Medical Agricultural. It trades about 0.0 of its potential returns per unit of risk. Asia Medical Agricultural is currently generating about -0.04 per unit of risk. If you would invest 216.00 in Porn Prom Metal on September 2, 2024 and sell it today you would lose (52.00) from holding Porn Prom Metal or give up 24.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Porn Prom Metal vs. Asia Medical Agricultural
Performance |
| Timeline |
| Porn Prom Metal |
| Asia Medical Agricultural |
Porn Prom and Asia Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Porn Prom and Asia Medical
The main advantage of trading using opposite Porn Prom and Asia Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Porn Prom position performs unexpectedly, Asia Medical 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 Asia Medical will offset losses from the drop in Asia Medical's long position.| Porn Prom vs. Project Planning Service | Porn Prom vs. Panjawattana Plastic Public | Porn Prom vs. Pico Public | Porn Prom vs. Prodigy Public |
| Asia Medical vs. The Klinique Med | Asia Medical vs. Exotic Food Public | Asia Medical vs. The Erawan Group | Asia Medical vs. Autocorp Holding 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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