Correlation Between Saha Pathanapibul and AJ Plast
Can any of the company-specific risk be diversified away by investing in both Saha Pathanapibul and AJ Plast 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 Saha Pathanapibul and AJ Plast into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Saha Pathanapibul Public and AJ Plast Public, you can compare the effects of market volatilities on Saha Pathanapibul and AJ Plast 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 Saha Pathanapibul with a short position of AJ Plast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saha Pathanapibul and AJ Plast.
Diversification Opportunities for Saha Pathanapibul and AJ Plast
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Saha and AJ Plast is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Saha Pathanapibul Public and AJ Plast Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AJ Plast Public and Saha Pathanapibul 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 Saha Pathanapibul Public are associated (or correlated) with AJ Plast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AJ Plast Public has no effect on the direction of Saha Pathanapibul i.e., Saha Pathanapibul and AJ Plast go up and down completely randomly.
Pair Corralation between Saha Pathanapibul and AJ Plast
Assuming the 90 days trading horizon Saha Pathanapibul Public is expected to under-perform the AJ Plast. But the stock apears to be less risky and, when comparing its historical volatility, Saha Pathanapibul Public is 109.86 times less risky than AJ Plast. The stock trades about -0.01 of its potential returns per unit of risk. The AJ Plast Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 644.00 in AJ Plast Public on August 31, 2024 and sell it today you would lose (162.00) from holding AJ Plast Public or give up 25.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saha Pathanapibul Public vs. AJ Plast Public
Performance |
| Timeline |
| Saha Pathanapibul Public |
| AJ Plast Public |
Saha Pathanapibul and AJ Plast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saha Pathanapibul and AJ Plast
The main advantage of trading using opposite Saha Pathanapibul and AJ Plast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saha Pathanapibul position performs unexpectedly, AJ Plast 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 AJ Plast will offset losses from the drop in AJ Plast's long position.| Saha Pathanapibul vs. TRC Construction Public | Saha Pathanapibul vs. Bangkok Expressway and | Saha Pathanapibul vs. Lohakit Metal Public | Saha Pathanapibul vs. Gunkul Engineering Public |
| AJ Plast vs. AAPICO Hitech Public | AJ Plast vs. AP Public | AJ Plast vs. Aikchol Hospital Public | AJ Plast vs. Bank of Ayudhya |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |