Correlation Between Steel Dynamics and Thaicom Public
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By analyzing existing cross correlation between Steel Dynamics and Thaicom Public, you can compare the effects of market volatilities on Steel Dynamics and Thaicom 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 Steel Dynamics with a short position of Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Steel Dynamics and Thaicom Public.
Diversification Opportunities for Steel Dynamics and Thaicom Public
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Steel and Thaicom is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Steel Dynamics and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom Public and Steel Dynamics 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 Steel Dynamics are associated (or correlated) with Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of Steel Dynamics i.e., Steel Dynamics and Thaicom Public go up and down completely randomly.
Pair Corralation between Steel Dynamics and Thaicom Public
Given the investment horizon of 90 days Steel Dynamics is expected to generate 45.2 times less return on investment than Thaicom Public. But when comparing it to its historical volatility, Steel Dynamics is 29.87 times less risky than Thaicom Public. It trades about 0.04 of its potential returns per unit of risk. Thaicom Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,332 in Thaicom Public on September 12, 2024 and sell it today you would earn a total of 108.00 from holding Thaicom Public or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.17% |
| Values | Daily Returns |
Steel Dynamics vs. Thaicom Public
Performance |
| Timeline |
| Steel Dynamics |
| Thaicom Public |
Steel Dynamics and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Steel Dynamics and Thaicom Public
The main advantage of trading using opposite Steel Dynamics and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Steel Dynamics position performs unexpectedly, Thaicom 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 Thaicom Public will offset losses from the drop in Thaicom Public's long position.| Steel Dynamics vs. Cleveland Cliffs | Steel Dynamics vs. United States Steel | Steel Dynamics vs. ArcelorMittal SA ADR | Steel Dynamics vs. Reliance Steel Aluminum |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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