Correlation Between SAF Special and Bhiraj Office
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By analyzing existing cross correlation between SAF Special Steel and Bhiraj Office Leasehold, you can compare the effects of market volatilities on SAF Special and Bhiraj Office 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 SAF Special with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of SAF Special and Bhiraj Office.
Diversification Opportunities for SAF Special and Bhiraj Office
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SAF and Bhiraj is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding SAF Special Steel and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and SAF Special 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 SAF Special Steel are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of SAF Special i.e., SAF Special and Bhiraj Office go up and down completely randomly.
Pair Corralation between SAF Special and Bhiraj Office
Assuming the 90 days trading horizon SAF Special is expected to generate 1.25 times less return on investment than Bhiraj Office. In addition to that, SAF Special is 2.85 times more volatile than Bhiraj Office Leasehold. It trades about 0.05 of its total potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about 0.18 per unit of volatility. If you would invest 425.00 in Bhiraj Office Leasehold on August 29, 2024 and sell it today you would earn a total of 80.00 from holding Bhiraj Office Leasehold or generate 18.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SAF Special Steel vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| SAF Special Steel |
| Bhiraj Office Leasehold |
SAF Special and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SAF Special and Bhiraj Office
The main advantage of trading using opposite SAF Special and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SAF Special position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.| SAF Special vs. MCS Steel Public | SAF Special vs. Hwa Fong Rubber | SAF Special vs. Haad Thip Public | SAF Special vs. SCG PACKAGING PCL NVDR |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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