Correlation Between Thai Capital and Asia Green
Can any of the company-specific risk be diversified away by investing in both Thai Capital and Asia Green 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 Thai Capital and Asia Green into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thai Capital and Asia Green Energy, you can compare the effects of market volatilities on Thai Capital and Asia Green 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 Thai Capital with a short position of Asia Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Capital and Asia Green.
Diversification Opportunities for Thai Capital and Asia Green
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Thai and Asia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thai Capital and Asia Green Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Green Energy and Thai Capital 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 Thai Capital are associated (or correlated) with Asia Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Green Energy has no effect on the direction of Thai Capital i.e., Thai Capital and Asia Green go up and down completely randomly.
Pair Corralation between Thai Capital and Asia Green
If you would invest 0.00 in Thai Capital on October 24, 2024 and sell it today you would earn a total of 0.00 from holding Thai Capital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Thai Capital vs. Asia Green Energy
Performance |
| Timeline |
| Thai Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Asia Green Energy |
Thai Capital and Asia Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Capital and Asia Green
The main advantage of trading using opposite Thai Capital and Asia Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Capital position performs unexpectedly, Asia Green 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 Asia Green will offset losses from the drop in Asia Green's long position.| Thai Capital vs. RPCG Public | Thai Capital vs. Solartron Public | Thai Capital vs. Star Petroleum Refining | Thai Capital vs. PTG Energy PCL |
| Asia Green vs. AP Public | Asia Green vs. Banpu Public | Asia Green vs. Chularat Hospital Public | Asia Green vs. Bangkok Chain Hospital |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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