Correlation Between Siam Makro and Ispire Technology
Can any of the company-specific risk be diversified away by investing in both Siam Makro and Ispire Technology 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 Siam Makro and Ispire Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siam Makro PCL and Ispire Technology Common, you can compare the effects of market volatilities on Siam Makro and Ispire Technology 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 Siam Makro with a short position of Ispire Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siam Makro and Ispire Technology.
Diversification Opportunities for Siam Makro and Ispire Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Siam and Ispire is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Siam Makro PCL and Ispire Technology Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ispire Technology Common and Siam Makro 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 Siam Makro PCL are associated (or correlated) with Ispire Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ispire Technology Common has no effect on the direction of Siam Makro i.e., Siam Makro and Ispire Technology go up and down completely randomly.
Pair Corralation between Siam Makro and Ispire Technology
If you would invest 601.00 in Ispire Technology Common on September 13, 2024 and sell it today you would earn a total of 9.00 from holding Ispire Technology Common or generate 1.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Siam Makro PCL vs. Ispire Technology Common
Performance |
| Timeline |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ispire Technology Common |
Siam Makro and Ispire Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siam Makro and Ispire Technology
The main advantage of trading using opposite Siam Makro and Ispire Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siam Makro position performs unexpectedly, Ispire Technology 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 Ispire Technology will offset losses from the drop in Ispire Technology's long position.| Siam Makro vs. Starbucks | Siam Makro vs. Zijin Mining Group | Siam Makro vs. BJs Restaurants | Siam Makro vs. Mediag3 |
| Ispire Technology vs. General Mills | Ispire Technology vs. Campbell Soup | Ispire Technology vs. ConAgra Foods | Ispire Technology vs. McCormick Company Incorporated |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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