Correlation Between Salee Printing and Srithai Superware
Can any of the company-specific risk be diversified away by investing in both Salee Printing and Srithai Superware 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 Salee Printing and Srithai Superware into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Salee Printing Public and Srithai Superware Public, you can compare the effects of market volatilities on Salee Printing and Srithai Superware 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 Salee Printing with a short position of Srithai Superware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salee Printing and Srithai Superware.
Diversification Opportunities for Salee Printing and Srithai Superware
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Salee and Srithai is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Salee Printing Public and Srithai Superware Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Srithai Superware Public and Salee Printing 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 Salee Printing Public are associated (or correlated) with Srithai Superware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Srithai Superware Public has no effect on the direction of Salee Printing i.e., Salee Printing and Srithai Superware go up and down completely randomly.
Pair Corralation between Salee Printing and Srithai Superware
Assuming the 90 days trading horizon Salee Printing Public is expected to generate 1.0 times more return on investment than Srithai Superware. However, Salee Printing is 1.0 times more volatile than Srithai Superware Public. It trades about 0.05 of its potential returns per unit of risk. Srithai Superware Public is currently generating about 0.05 per unit of risk. If you would invest 39.00 in Salee Printing Public on August 26, 2024 and sell it today you would earn a total of 9.00 from holding Salee Printing Public or generate 23.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Salee Printing Public vs. Srithai Superware Public
Performance |
| Timeline |
| Salee Printing Public |
| Srithai Superware Public |
Salee Printing and Srithai Superware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salee Printing and Srithai Superware
The main advantage of trading using opposite Salee Printing and Srithai Superware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salee Printing position performs unexpectedly, Srithai Superware 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 Srithai Superware will offset losses from the drop in Srithai Superware's long position.| Salee Printing vs. S Pack Print | Salee Printing vs. Sahamitr Pressure Container | Salee Printing vs. Srithai Superware Public | Salee Printing vs. Sahamit Machinery Public |
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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