Correlation Between Sabuy Technology and Asian Phytoceuticals
Can any of the company-specific risk be diversified away by investing in both Sabuy Technology and Asian Phytoceuticals 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 Sabuy Technology and Asian Phytoceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sabuy Technology Public and Asian Phytoceuticals Public, you can compare the effects of market volatilities on Sabuy Technology and Asian Phytoceuticals 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 Sabuy Technology with a short position of Asian Phytoceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sabuy Technology and Asian Phytoceuticals.
Diversification Opportunities for Sabuy Technology and Asian Phytoceuticals
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Sabuy and Asian is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Sabuy Technology Public and Asian Phytoceuticals Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asian Phytoceuticals and Sabuy Technology 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 Sabuy Technology Public are associated (or correlated) with Asian Phytoceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asian Phytoceuticals has no effect on the direction of Sabuy Technology i.e., Sabuy Technology and Asian Phytoceuticals go up and down completely randomly.
Pair Corralation between Sabuy Technology and Asian Phytoceuticals
Assuming the 90 days trading horizon Sabuy Technology Public is expected to generate 19.65 times more return on investment than Asian Phytoceuticals. However, Sabuy Technology is 19.65 times more volatile than Asian Phytoceuticals Public. It trades about 0.03 of its potential returns per unit of risk. Asian Phytoceuticals Public is currently generating about -0.01 per unit of risk. If you would invest 1,194 in Sabuy Technology Public on November 19, 2024 and sell it today you would lose (1,145) from holding Sabuy Technology Public or give up 95.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sabuy Technology Public vs. Asian Phytoceuticals Public
Performance |
| Timeline |
| Sabuy Technology Public |
| Asian Phytoceuticals |
Sabuy Technology and Asian Phytoceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sabuy Technology and Asian Phytoceuticals
The main advantage of trading using opposite Sabuy Technology and Asian Phytoceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sabuy Technology position performs unexpectedly, Asian Phytoceuticals 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 Asian Phytoceuticals will offset losses from the drop in Asian Phytoceuticals' long position.| Sabuy Technology vs. Jay Mart Public | Sabuy Technology vs. Forth Public | Sabuy Technology vs. Singer Thailand Public | Sabuy Technology vs. PTT Oil and |
| Asian Phytoceuticals vs. GFPT Public | Asian Phytoceuticals vs. Thai Union Group | Asian Phytoceuticals vs. Taokaenoi Food Marketing | Asian Phytoceuticals vs. Com7 PCL |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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