Correlation Between Stock Exchange and Bangchak Public
Can any of the company-specific risk be diversified away by investing in both Stock Exchange and Bangchak Public 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 Stock Exchange and Bangchak Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stock Exchange Of and Bangchak Public, you can compare the effects of market volatilities on Stock Exchange and Bangchak Public 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 Stock Exchange with a short position of Bangchak Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stock Exchange and Bangchak Public.
Diversification Opportunities for Stock Exchange and Bangchak Public
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Stock and Bangchak is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Stock Exchange Of and Bangchak Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bangchak Public and Stock Exchange 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 Stock Exchange Of are associated (or correlated) with Bangchak Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bangchak Public has no effect on the direction of Stock Exchange i.e., Stock Exchange and Bangchak Public go up and down completely randomly.
Pair Corralation between Stock Exchange and Bangchak Public
Assuming the 90 days trading horizon Stock Exchange Of is expected to generate 0.26 times more return on investment than Bangchak Public. However, Stock Exchange Of is 3.84 times less risky than Bangchak Public. It trades about -0.08 of its potential returns per unit of risk. Bangchak Public is currently generating about -0.03 per unit of risk. If you would invest 146,342 in Stock Exchange Of on August 26, 2024 and sell it today you would lose (1,712) from holding Stock Exchange Of or give up 1.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stock Exchange Of vs. Bangchak Public
Performance |
| Timeline |
Stock Exchange and Bangchak Public Volatility Contrast
Predicted Return Density |
| Returns |
Stock Exchange Of
Pair trading matchups for Stock Exchange
Bangchak Public
Pair trading matchups for Bangchak Public
Pair Trading with Stock Exchange and Bangchak Public
The main advantage of trading using opposite Stock Exchange and Bangchak Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stock Exchange position performs unexpectedly, Bangchak Public 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 Bangchak Public will offset losses from the drop in Bangchak Public's long position.| Stock Exchange vs. Bank of Ayudhya | Stock Exchange vs. ABSOLUTE CLEAN ENERGY | Stock Exchange vs. DOHOME | Stock Exchange vs. Srinanaporn Marketing Public |
| Bangchak Public vs. PTT Oil and | Bangchak Public vs. Power Solution Technologies | Bangchak Public vs. Star Petroleum Refining | Bangchak Public vs. Prima Marine 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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