Correlation Between Thaicom Public and Dow Jones
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By analyzing existing cross correlation between Thaicom Public and Dow Jones Industrial, you can compare the effects of market volatilities on Thaicom Public and Dow Jones 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 Thaicom Public with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thaicom Public and Dow Jones.
Diversification Opportunities for Thaicom Public and Dow Jones
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thaicom and Dow is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Thaicom Public and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Thaicom Public 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 Thaicom Public are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Thaicom Public i.e., Thaicom Public and Dow Jones go up and down completely randomly.
Pair Corralation between Thaicom Public and Dow Jones
Assuming the 90 days trading horizon Thaicom Public is expected to generate 91.3 times more return on investment than Dow Jones. However, Thaicom Public is 91.3 times more volatile than Dow Jones Industrial. It trades about 0.06 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.09 per unit of risk. 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 | Significant |
| Accuracy | 97.37% |
| Values | Daily Returns |
Thaicom Public vs. Dow Jones Industrial
Performance |
| Timeline |
Thaicom Public and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Thaicom Public
Pair trading matchups for Thaicom Public
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Thaicom Public and Dow Jones
The main advantage of trading using opposite Thaicom Public and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thaicom Public position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Thaicom Public vs. Siri Prime Office | Thaicom Public vs. Quality Houses Property | Thaicom Public vs. The Erawan Group | Thaicom Public vs. Jay Mart Public |
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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