Correlation Between Sikarin Public and Mono Next
Can any of the company-specific risk be diversified away by investing in both Sikarin Public and Mono Next 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 Sikarin Public and Mono Next into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sikarin Public and Mono Next Public, you can compare the effects of market volatilities on Sikarin Public and Mono Next 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 Sikarin Public with a short position of Mono Next. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sikarin Public and Mono Next.
Diversification Opportunities for Sikarin Public and Mono Next
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sikarin and Mono is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Sikarin Public and Mono Next Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mono Next Public and Sikarin Public 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 Sikarin Public are associated (or correlated) with Mono Next. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mono Next Public has no effect on the direction of Sikarin Public i.e., Sikarin Public and Mono Next go up and down completely randomly.
Pair Corralation between Sikarin Public and Mono Next
Assuming the 90 days trading horizon Sikarin Public is expected to under-perform the Mono Next. But the stock apears to be less risky and, when comparing its historical volatility, Sikarin Public is 2.55 times less risky than Mono Next. The stock trades about -0.03 of its potential returns per unit of risk. The Mono Next Public is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 148.00 in Mono Next Public on September 12, 2024 and sell it today you would earn a total of 78.00 from holding Mono Next Public or generate 52.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sikarin Public vs. Mono Next Public
Performance |
| Timeline |
| Sikarin Public |
| Mono Next Public |
Sikarin Public and Mono Next Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sikarin Public and Mono Next
The main advantage of trading using opposite Sikarin Public and Mono Next positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sikarin Public position performs unexpectedly, Mono Next 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 Mono Next will offset losses from the drop in Mono Next's long position.| Sikarin Public vs. Principal Capital Public | Sikarin Public vs. Ramkhamhaeng Hospital Public | Sikarin Public vs. Nonthavej Hospital Public | Sikarin Public vs. Ekachai Medical Care |
| Mono Next vs. Synnex Public | Mono Next vs. SVI Public | Mono Next vs. Interlink Communication Public | Mono Next vs. The Erawan Group |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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