Correlation Between SCB X and Srisawad Power
Can any of the company-specific risk be diversified away by investing in both SCB X and Srisawad Power 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 SCB X and Srisawad Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SCB X Public and Srisawad Power 1979, you can compare the effects of market volatilities on SCB X and Srisawad Power 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 SCB X with a short position of Srisawad Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of SCB X and Srisawad Power.
Diversification Opportunities for SCB X and Srisawad Power
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SCB and Srisawad is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding SCB X Public and Srisawad Power 1979 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Srisawad Power 1979 and SCB X 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 SCB X Public are associated (or correlated) with Srisawad Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Srisawad Power 1979 has no effect on the direction of SCB X i.e., SCB X and Srisawad Power go up and down completely randomly.
Pair Corralation between SCB X and Srisawad Power
Assuming the 90 days trading horizon SCB X is expected to generate 84.72 times less return on investment than Srisawad Power. But when comparing it to its historical volatility, SCB X Public is 84.91 times less risky than Srisawad Power. It trades about 0.08 of its potential returns per unit of risk. Srisawad Power 1979 is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 3,950 in Srisawad Power 1979 on September 2, 2024 and sell it today you would earn a total of 125.00 from holding Srisawad Power 1979 or generate 3.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.21% |
| Values | Daily Returns |
SCB X Public vs. Srisawad Power 1979
Performance |
| Timeline |
| SCB X Public |
| Srisawad Power 1979 |
SCB X and Srisawad Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SCB X and Srisawad Power
The main advantage of trading using opposite SCB X and Srisawad Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SCB X position performs unexpectedly, Srisawad Power 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 Srisawad Power will offset losses from the drop in Srisawad Power's long position.| SCB X vs. Porn Prom Metal | SCB X vs. Halcyon Technology Public | SCB X vs. Rojana Industrial Park | SCB X vs. Sri panwa Hospitality |
| Srisawad Power vs. Muangthai Capital Public | Srisawad Power vs. Carabao Group Public | Srisawad Power vs. TISCO Financial Group | Srisawad Power vs. Minor International 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |