Correlation Between Thaicom Public and Earth Tech
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By analyzing existing cross correlation between Thaicom Public and Earth Tech Environment, you can compare the effects of market volatilities on Thaicom Public and Earth Tech 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 Earth Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thaicom Public and Earth Tech.
Diversification Opportunities for Thaicom Public and Earth Tech
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thaicom and Earth is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Thaicom Public and Earth Tech Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Earth Tech Environment 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 Earth Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Earth Tech Environment has no effect on the direction of Thaicom Public i.e., Thaicom Public and Earth Tech go up and down completely randomly.
Pair Corralation between Thaicom Public and Earth Tech
Assuming the 90 days trading horizon Thaicom Public is expected to generate 0.49 times more return on investment than Earth Tech. However, Thaicom Public is 2.02 times less risky than Earth Tech. It trades about 0.37 of its potential returns per unit of risk. Earth Tech Environment is currently generating about -0.1 per unit of risk. If you would invest 1,238 in Thaicom Public on September 14, 2024 and sell it today you would earn a total of 142.00 from holding Thaicom Public or generate 11.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thaicom Public vs. Earth Tech Environment
Performance |
| Timeline |
| Thaicom Public |
| Earth Tech Environment |
Thaicom Public and Earth Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thaicom Public and Earth Tech
The main advantage of trading using opposite Thaicom Public and Earth Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thaicom Public position performs unexpectedly, Earth Tech 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 Earth Tech will offset losses from the drop in Earth Tech's long position.| Thaicom Public vs. Information and Communication | Thaicom Public vs. AJ Advance Technology | Thaicom Public vs. Kiattana Transport Public | Thaicom Public vs. Thai Energy Storage |
| Earth Tech vs. Gulf Energy Development | Earth Tech vs. Energy Absolute Public | Earth Tech vs. Gunkul Engineering Public | Earth Tech vs. Global Power Synergy |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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