Correlation Between Saksiam Leasing and AddTech Hub
Can any of the company-specific risk be diversified away by investing in both Saksiam Leasing and AddTech Hub 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 Saksiam Leasing and AddTech Hub into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Saksiam Leasing Public and AddTech Hub Public, you can compare the effects of market volatilities on Saksiam Leasing and AddTech Hub 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 Saksiam Leasing with a short position of AddTech Hub. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saksiam Leasing and AddTech Hub.
Diversification Opportunities for Saksiam Leasing and AddTech Hub
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Saksiam and AddTech is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Saksiam Leasing Public and AddTech Hub Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AddTech Hub Public and Saksiam Leasing 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 Saksiam Leasing Public are associated (or correlated) with AddTech Hub. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AddTech Hub Public has no effect on the direction of Saksiam Leasing i.e., Saksiam Leasing and AddTech Hub go up and down completely randomly.
Pair Corralation between Saksiam Leasing and AddTech Hub
Assuming the 90 days trading horizon Saksiam Leasing Public is expected to under-perform the AddTech Hub. In addition to that, Saksiam Leasing is 2.71 times more volatile than AddTech Hub Public. It trades about -0.06 of its total potential returns per unit of risk. AddTech Hub Public is currently generating about -0.13 per unit of volatility. If you would invest 473.00 in AddTech Hub Public on August 30, 2024 and sell it today you would lose (15.00) from holding AddTech Hub Public or give up 3.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Saksiam Leasing Public vs. AddTech Hub Public
Performance |
| Timeline |
| Saksiam Leasing Public |
| AddTech Hub Public |
Saksiam Leasing and AddTech Hub Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saksiam Leasing and AddTech Hub
The main advantage of trading using opposite Saksiam Leasing and AddTech Hub positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saksiam Leasing position performs unexpectedly, AddTech Hub 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 AddTech Hub will offset losses from the drop in AddTech Hub's long position.| Saksiam Leasing vs. Srisawad Power 1979 | Saksiam Leasing vs. Muangthai Capital Public | Saksiam Leasing vs. Micro Leasing Public | Saksiam Leasing vs. Krungthai Card PCL |
| AddTech Hub vs. Forth Public | AddTech Hub vs. After You Public | AddTech Hub vs. The Erawan Group | AddTech Hub vs. Airports of Thailand |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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