Correlation Between Stock Exchange and Singer Thailand
Can any of the company-specific risk be diversified away by investing in both Stock Exchange and Singer Thailand 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 Singer Thailand 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 Singer Thailand Public, you can compare the effects of market volatilities on Stock Exchange and Singer Thailand 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 Singer Thailand. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stock Exchange and Singer Thailand.
Diversification Opportunities for Stock Exchange and Singer Thailand
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Stock and Singer is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Stock Exchange Of and Singer Thailand Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singer Thailand 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 Singer Thailand. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singer Thailand Public has no effect on the direction of Stock Exchange i.e., Stock Exchange and Singer Thailand go up and down completely randomly.
Pair Corralation between Stock Exchange and Singer Thailand
Assuming the 90 days trading horizon Stock Exchange Of is expected to generate 0.22 times more return on investment than Singer Thailand. However, Stock Exchange Of is 4.53 times less risky than Singer Thailand. It trades about -0.2 of its potential returns per unit of risk. Singer Thailand Public is currently generating about -0.29 per unit of risk. If you would invest 146,604 in Stock Exchange Of on September 1, 2024 and sell it today you would lose (3,850) from holding Stock Exchange Of or give up 2.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Stock Exchange Of vs. Singer Thailand Public
Performance |
| Timeline |
Stock Exchange and Singer Thailand Volatility Contrast
Predicted Return Density |
| Returns |
Stock Exchange Of
Pair trading matchups for Stock Exchange
Singer Thailand Public
Pair trading matchups for Singer Thailand
Pair Trading with Stock Exchange and Singer Thailand
The main advantage of trading using opposite Stock Exchange and Singer Thailand positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stock Exchange position performs unexpectedly, Singer Thailand 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 Singer Thailand will offset losses from the drop in Singer Thailand's long position.| Stock Exchange vs. Porn Prom Metal | Stock Exchange vs. WHA Industrial Leasehold | Stock Exchange vs. 2S Metal Public | Stock Exchange vs. Turnkey Communication Services |
| Singer Thailand vs. Jay Mart Public | Singer Thailand vs. JMT Network Services | Singer Thailand vs. KCE Electronics Public | Singer Thailand vs. Srisawad Power 1979 |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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