Correlation Between Stock Exchange and Saha Pathanapibul
Can any of the company-specific risk be diversified away by investing in both Stock Exchange and Saha Pathanapibul 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 Saha Pathanapibul 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 Saha Pathanapibul Public, you can compare the effects of market volatilities on Stock Exchange and Saha Pathanapibul 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 Saha Pathanapibul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stock Exchange and Saha Pathanapibul.
Diversification Opportunities for Stock Exchange and Saha Pathanapibul
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stock and Saha is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Stock Exchange Of and Saha Pathanapibul Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saha Pathanapibul 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 Saha Pathanapibul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saha Pathanapibul Public has no effect on the direction of Stock Exchange i.e., Stock Exchange and Saha Pathanapibul go up and down completely randomly.
Pair Corralation between Stock Exchange and Saha Pathanapibul
Assuming the 90 days trading horizon Stock Exchange Of is expected to under-perform the Saha Pathanapibul. But the index apears to be less risky and, when comparing its historical volatility, Stock Exchange Of is 1.21 times less risky than Saha Pathanapibul. The index trades about -0.19 of its potential returns per unit of risk. The Saha Pathanapibul Public is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 5,723 in Saha Pathanapibul Public on September 2, 2024 and sell it today you would earn a total of 177.00 from holding Saha Pathanapibul Public or generate 3.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stock Exchange Of vs. Saha Pathanapibul Public
Performance |
| Timeline |
Stock Exchange and Saha Pathanapibul Volatility Contrast
Predicted Return Density |
| Returns |
Stock Exchange Of
Pair trading matchups for Stock Exchange
Saha Pathanapibul Public
Pair trading matchups for Saha Pathanapibul
Pair Trading with Stock Exchange and Saha Pathanapibul
The main advantage of trading using opposite Stock Exchange and Saha Pathanapibul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stock Exchange position performs unexpectedly, Saha Pathanapibul 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 Saha Pathanapibul will offset losses from the drop in Saha Pathanapibul's long position.| Stock Exchange vs. Central Retail | Stock Exchange vs. Interlink Communication Public | Stock Exchange vs. NSL Foods Public | Stock Exchange vs. Central Plaza Hotel |
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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