Correlation Between Quality Houses and Sammakorn Public
Can any of the company-specific risk be diversified away by investing in both Quality Houses and Sammakorn Public 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 Quality Houses and Sammakorn Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quality Houses Public and Sammakorn Public, you can compare the effects of market volatilities on Quality Houses and Sammakorn Public 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 Quality Houses with a short position of Sammakorn Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quality Houses and Sammakorn Public.
Diversification Opportunities for Quality Houses and Sammakorn Public
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Quality and Sammakorn is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Quality Houses Public and Sammakorn Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sammakorn Public and Quality Houses 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 Quality Houses Public are associated (or correlated) with Sammakorn Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sammakorn Public has no effect on the direction of Quality Houses i.e., Quality Houses and Sammakorn Public go up and down completely randomly.
Pair Corralation between Quality Houses and Sammakorn Public
Assuming the 90 days horizon Quality Houses Public is expected to under-perform the Sammakorn Public. But the stock apears to be less risky and, when comparing its historical volatility, Quality Houses Public is 1.23 times less risky than Sammakorn Public. The stock trades about -0.11 of its potential returns per unit of risk. The Sammakorn Public is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 96.00 in Sammakorn Public on September 3, 2024 and sell it today you would lose (2.00) from holding Sammakorn Public or give up 2.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Quality Houses Public vs. Sammakorn Public
Performance |
| Timeline |
| Quality Houses Public |
| Sammakorn Public |
Quality Houses and Sammakorn Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quality Houses and Sammakorn Public
The main advantage of trading using opposite Quality Houses and Sammakorn Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quality Houses position performs unexpectedly, Sammakorn Public 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 Sammakorn Public will offset losses from the drop in Sammakorn Public's long position.| Quality Houses vs. Land and Houses | Quality Houses vs. AP Public | Quality Houses vs. SCB X Public | Quality Houses vs. Krung Thai Bank |
| Sammakorn Public vs. SC Asset | Sammakorn Public vs. Quality Houses Public | Sammakorn Public vs. Siri Prime Office | Sammakorn Public vs. Raimon Land 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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