Correlation Between Sahamitr Pressure and KC Metalsheet
Can any of the company-specific risk be diversified away by investing in both Sahamitr Pressure and KC Metalsheet 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 Sahamitr Pressure and KC Metalsheet into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sahamitr Pressure Container and KC Metalsheet Public, you can compare the effects of market volatilities on Sahamitr Pressure and KC Metalsheet 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 Sahamitr Pressure with a short position of KC Metalsheet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sahamitr Pressure and KC Metalsheet.
Diversification Opportunities for Sahamitr Pressure and KC Metalsheet
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sahamitr and KCM is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Sahamitr Pressure Container and KC Metalsheet Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KC Metalsheet Public and Sahamitr Pressure 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 Sahamitr Pressure Container are associated (or correlated) with KC Metalsheet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KC Metalsheet Public has no effect on the direction of Sahamitr Pressure i.e., Sahamitr Pressure and KC Metalsheet go up and down completely randomly.
Pair Corralation between Sahamitr Pressure and KC Metalsheet
Assuming the 90 days trading horizon Sahamitr Pressure Container is expected to generate 0.43 times more return on investment than KC Metalsheet. However, Sahamitr Pressure Container is 2.31 times less risky than KC Metalsheet. It trades about -0.27 of its potential returns per unit of risk. KC Metalsheet Public is currently generating about -0.35 per unit of risk. If you would invest 980.00 in Sahamitr Pressure Container on August 29, 2024 and sell it today you would lose (50.00) from holding Sahamitr Pressure Container or give up 5.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sahamitr Pressure Container vs. KC Metalsheet Public
Performance |
| Timeline |
| Sahamitr Pressure |
| KC Metalsheet Public |
Sahamitr Pressure and KC Metalsheet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sahamitr Pressure and KC Metalsheet
The main advantage of trading using opposite Sahamitr Pressure and KC Metalsheet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sahamitr Pressure position performs unexpectedly, KC Metalsheet 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 KC Metalsheet will offset losses from the drop in KC Metalsheet's long position.| Sahamitr Pressure vs. Haad Thip Public | Sahamitr Pressure vs. MCS Steel Public | Sahamitr Pressure vs. Somboon Advance Technology | Sahamitr Pressure vs. Regional Container Lines |
| KC Metalsheet vs. Chewathai Public | KC Metalsheet vs. AIRA Factoring Public | KC Metalsheet vs. Cho Thavee Public | KC Metalsheet vs. G Capital Public |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |