Correlation Between Praram 9 and Porn Prom
Can any of the company-specific risk be diversified away by investing in both Praram 9 and Porn Prom 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 Praram 9 and Porn Prom into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Praram 9 Hospital and Porn Prom Metal, you can compare the effects of market volatilities on Praram 9 and Porn Prom 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 Praram 9 with a short position of Porn Prom. Check out your portfolio center. Please also check ongoing floating volatility patterns of Praram 9 and Porn Prom.
Diversification Opportunities for Praram 9 and Porn Prom
Very good diversification
The 3 months correlation between Praram and Porn is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Praram 9 Hospital and Porn Prom Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Porn Prom Metal and Praram 9 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 Praram 9 Hospital are associated (or correlated) with Porn Prom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Porn Prom Metal has no effect on the direction of Praram 9 i.e., Praram 9 and Porn Prom go up and down completely randomly.
Pair Corralation between Praram 9 and Porn Prom
Assuming the 90 days trading horizon Praram 9 Hospital is expected to generate 0.64 times more return on investment than Porn Prom. However, Praram 9 Hospital is 1.56 times less risky than Porn Prom. It trades about 0.06 of its potential returns per unit of risk. Porn Prom Metal is currently generating about 0.0 per unit of risk. If you would invest 1,619 in Praram 9 Hospital on September 2, 2024 and sell it today you would earn a total of 956.00 from holding Praram 9 Hospital or generate 59.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Praram 9 Hospital vs. Porn Prom Metal
Performance |
| Timeline |
| Praram 9 Hospital |
| Porn Prom Metal |
Praram 9 and Porn Prom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Praram 9 and Porn Prom
The main advantage of trading using opposite Praram 9 and Porn Prom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Praram 9 position performs unexpectedly, Porn Prom 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 Porn Prom will offset losses from the drop in Porn Prom's long position.| Praram 9 vs. Bangkok Dusit Medical | Praram 9 vs. Bumrungrad Hospital Public | Praram 9 vs. Bangkok Chain Hospital | Praram 9 vs. Rajthanee Hospital Public |
| Porn Prom vs. Project Planning Service | Porn Prom vs. Panjawattana Plastic Public | Porn Prom vs. Pico Public | Porn Prom vs. Prodigy 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |