Correlation Between Siam Makro and ATRenew
Can any of the company-specific risk be diversified away by investing in both Siam Makro and ATRenew 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 ATRenew 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 ATRenew Inc DRC, you can compare the effects of market volatilities on Siam Makro and ATRenew 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 ATRenew. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siam Makro and ATRenew.
Diversification Opportunities for Siam Makro and ATRenew
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Siam and ATRenew is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Siam Makro PCL and ATRenew Inc DRC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRenew Inc DRC 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 ATRenew. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRenew Inc DRC has no effect on the direction of Siam Makro i.e., Siam Makro and ATRenew go up and down completely randomly.
Pair Corralation between Siam Makro and ATRenew
If you would invest 236.00 in ATRenew Inc DRC on September 12, 2024 and sell it today you would earn a total of 66.00 from holding ATRenew Inc DRC or generate 27.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Siam Makro PCL vs. ATRenew Inc DRC
Performance |
| Timeline |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ATRenew Inc DRC |
Siam Makro and ATRenew Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siam Makro and ATRenew
The main advantage of trading using opposite Siam Makro and ATRenew positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siam Makro position performs unexpectedly, ATRenew 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 ATRenew will offset losses from the drop in ATRenew's long position.| Siam Makro vs. Ispire Technology Common | Siam Makro vs. Scandinavian Tobacco Group | Siam Makro vs. Academy Sports Outdoors | Siam Makro vs. Marine Products |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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