Correlation Between PRG Public and Country Group
Can any of the company-specific risk be diversified away by investing in both PRG Public and Country Group 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 PRG Public and Country Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PRG Public and Country Group Holdings, you can compare the effects of market volatilities on PRG Public and Country Group 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 PRG Public with a short position of Country Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of PRG Public and Country Group.
Diversification Opportunities for PRG Public and Country Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PRG and Country is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PRG Public and Country Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Country Group Holdings and PRG Public 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 PRG Public are associated (or correlated) with Country Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Country Group Holdings has no effect on the direction of PRG Public i.e., PRG Public and Country Group go up and down completely randomly.
Pair Corralation between PRG Public and Country Group
Assuming the 90 days trading horizon PRG Public is expected to generate 1.41 times more return on investment than Country Group. However, PRG Public is 1.41 times more volatile than Country Group Holdings. It trades about 0.06 of its potential returns per unit of risk. Country Group Holdings is currently generating about 0.04 per unit of risk. If you would invest 1,110 in PRG Public on August 30, 2024 and sell it today you would lose (225.00) from holding PRG Public or give up 20.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PRG Public vs. Country Group Holdings
Performance |
| Timeline |
| PRG Public |
| Country Group Holdings |
PRG Public and Country Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PRG Public and Country Group
The main advantage of trading using opposite PRG Public and Country Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PRG Public position performs unexpectedly, Country Group 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 Country Group will offset losses from the drop in Country Group's long position.| PRG Public vs. Surapon Foods Public | PRG Public vs. Peoples Garment Public | PRG Public vs. President Bakery Public | PRG Public vs. Sri Trang Agro Industry |
| Country Group vs. Asia Plus Group | Country Group vs. Globlex Holding Management | Country Group vs. Asia Green Energy | Country Group vs. Amanah Leasing 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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