Correlation Between Srithai Superware and S Pack
Can any of the company-specific risk be diversified away by investing in both Srithai Superware and S Pack 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 Srithai Superware and S Pack into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Srithai Superware Public and S Pack Print, you can compare the effects of market volatilities on Srithai Superware and S Pack 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 Srithai Superware with a short position of S Pack. Check out your portfolio center. Please also check ongoing floating volatility patterns of Srithai Superware and S Pack.
Diversification Opportunities for Srithai Superware and S Pack
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Srithai and SPACK is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Srithai Superware Public and S Pack Print in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on S Pack Print and Srithai Superware 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 Srithai Superware Public are associated (or correlated) with S Pack. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of S Pack Print has no effect on the direction of Srithai Superware i.e., Srithai Superware and S Pack go up and down completely randomly.
Pair Corralation between Srithai Superware and S Pack
Assuming the 90 days trading horizon Srithai Superware Public is expected to generate 1.0 times more return on investment than S Pack. However, Srithai Superware Public is 1.0 times less risky than S Pack. It trades about 0.05 of its potential returns per unit of risk. S Pack Print is currently generating about 0.04 per unit of risk. If you would invest 138.00 in Srithai Superware Public on August 26, 2024 and sell it today you would earn a total of 0.00 from holding Srithai Superware Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Srithai Superware Public vs. S Pack Print
Performance |
| Timeline |
| Srithai Superware Public |
| S Pack Print |
Srithai Superware and S Pack Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Srithai Superware and S Pack
The main advantage of trading using opposite Srithai Superware and S Pack positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Srithai Superware position performs unexpectedly, S Pack 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 S Pack will offset losses from the drop in S Pack's long position.| Srithai Superware vs. PTT Public | Srithai Superware vs. PTT Exploration and | Srithai Superware vs. CP ALL Public | Srithai Superware vs. Kasikornbank Public |
| S Pack vs. PTT Public | S Pack vs. PTT Exploration and | S Pack vs. CP ALL Public | S Pack vs. Kasikornbank 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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