Correlation Between SAF Special and DOHOME
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By analyzing existing cross correlation between SAF Special Steel and DOHOME, you can compare the effects of market volatilities on SAF Special and DOHOME 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 DOHOME. Check out your portfolio center. Please also check ongoing floating volatility patterns of SAF Special and DOHOME.
Diversification Opportunities for SAF Special and DOHOME
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SAF and DOHOME is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding SAF Special Steel and DOHOME in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOHOME 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 DOHOME. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOHOME has no effect on the direction of SAF Special i.e., SAF Special and DOHOME go up and down completely randomly.
Pair Corralation between SAF Special and DOHOME
Assuming the 90 days trading horizon SAF Special Steel is expected to under-perform the DOHOME. In addition to that, SAF Special is 1.45 times more volatile than DOHOME. It trades about -0.03 of its total potential returns per unit of risk. DOHOME is currently generating about -0.03 per unit of volatility. If you would invest 1,322 in DOHOME on August 29, 2024 and sell it today you would lose (327.00) from holding DOHOME or give up 24.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
SAF Special Steel vs. DOHOME
Performance |
| Timeline |
| SAF Special Steel |
| DOHOME |
SAF Special and DOHOME Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SAF Special and DOHOME
The main advantage of trading using opposite SAF Special and DOHOME positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SAF Special position performs unexpectedly, DOHOME 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 DOHOME will offset losses from the drop in DOHOME'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 |
| DOHOME vs. Com7 PCL | DOHOME vs. Central Retail | DOHOME vs. Siam Global House | DOHOME vs. Home Product Center |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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