Correlation Between Sino Thai and Pylon Public
Can any of the company-specific risk be diversified away by investing in both Sino Thai and Pylon Public 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 Sino Thai and Pylon Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sino Thai Engineering and and Pylon Public, you can compare the effects of market volatilities on Sino Thai and Pylon Public 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 Sino Thai with a short position of Pylon Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Thai and Pylon Public.
Diversification Opportunities for Sino Thai and Pylon Public
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sino and Pylon is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Sino Thai Engineering and and Pylon Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pylon Public and Sino Thai 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 Sino Thai Engineering and are associated (or correlated) with Pylon Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pylon Public has no effect on the direction of Sino Thai i.e., Sino Thai and Pylon Public go up and down completely randomly.
Pair Corralation between Sino Thai and Pylon Public
If you would invest 650.00 in Sino Thai Engineering and on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Sino Thai Engineering and or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 8.7% |
| Values | Daily Returns |
Sino Thai Engineering and vs. Pylon Public
Performance |
| Timeline |
| Sino Thai Engineering |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Pylon Public |
Sino Thai and Pylon Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Thai and Pylon Public
The main advantage of trading using opposite Sino Thai and Pylon Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Thai position performs unexpectedly, Pylon Public 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 Pylon Public will offset losses from the drop in Pylon Public's long position.| Sino Thai vs. CH Karnchang Public | Sino Thai vs. Land and Houses | Sino Thai vs. Italian Thai Development Public | Sino Thai vs. SCB X Public |
| Pylon Public vs. Seafco Public | Pylon Public vs. PTG Energy PCL | Pylon Public vs. CH Karnchang Public | Pylon Public vs. Ratchthani Leasing 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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