Correlation Between Skechers USA and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Skechers USA and Siam Makro 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 Skechers USA and Siam Makro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Skechers USA and Siam Makro PCL, you can compare the effects of market volatilities on Skechers USA and Siam Makro 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 Skechers USA with a short position of Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skechers USA and Siam Makro.
Diversification Opportunities for Skechers USA and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Skechers and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Skechers USA and Siam Makro PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Makro PCL and Skechers USA 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 Skechers USA are associated (or correlated) with Siam Makro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Makro PCL has no effect on the direction of Skechers USA i.e., Skechers USA and Siam Makro go up and down completely randomly.
Pair Corralation between Skechers USA and Siam Makro
If you would invest 106.00 in Siam Makro PCL on September 5, 2024 and sell it today you would earn a total of 0.00 from holding Siam Makro PCL or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 37.6% |
| Values | Daily Returns |
Skechers USA vs. Siam Makro PCL
Performance |
| Timeline |
| Skechers USA |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Skechers USA and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skechers USA and Siam Makro
The main advantage of trading using opposite Skechers USA and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skechers USA position performs unexpectedly, Siam Makro 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 Siam Makro will offset losses from the drop in Siam Makro's long position.| Skechers USA vs. On Holding | Skechers USA vs. Crocs Inc | Skechers USA vs. Designer Brands | Skechers USA vs. Adidas AG |
| Siam Makro vs. Eastern Co | Siam Makro vs. Virgin Group Acquisition | Siam Makro vs. Acme United | Siam Makro vs. Skechers USA |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |