Correlation Between Thai Metal and Bhiraj Office
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By analyzing existing cross correlation between Thai Metal Drum and Bhiraj Office Leasehold, you can compare the effects of market volatilities on Thai Metal and Bhiraj Office 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 Metal with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Metal and Bhiraj Office.
Diversification Opportunities for Thai Metal and Bhiraj Office
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Thai and Bhiraj is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Thai Metal Drum and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and Thai Metal 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 Metal Drum are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of Thai Metal i.e., Thai Metal and Bhiraj Office go up and down completely randomly.
Pair Corralation between Thai Metal and Bhiraj Office
Assuming the 90 days trading horizon Thai Metal Drum is expected to generate 0.89 times more return on investment than Bhiraj Office. However, Thai Metal Drum is 1.12 times less risky than Bhiraj Office. It trades about 0.08 of its potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about 0.01 per unit of risk. If you would invest 2,420 in Thai Metal Drum on September 1, 2024 and sell it today you would earn a total of 40.00 from holding Thai Metal Drum or generate 1.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thai Metal Drum vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| Thai Metal Drum |
| Bhiraj Office Leasehold |
Thai Metal and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Metal and Bhiraj Office
The main advantage of trading using opposite Thai Metal and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Metal position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.| Thai Metal vs. Thantawan Industry Public | Thai Metal vs. Thitikorn Public | Thai Metal vs. Siam Steel Service | Thai Metal vs. Thai Vegetable Oil |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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