Correlation Between Thanapiriya Public and Takuni Group
Can any of the company-specific risk be diversified away by investing in both Thanapiriya Public and Takuni Group 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 Thanapiriya Public and Takuni Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thanapiriya Public and Takuni Group Public, you can compare the effects of market volatilities on Thanapiriya Public and Takuni Group 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 Thanapiriya Public with a short position of Takuni Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thanapiriya Public and Takuni Group.
Diversification Opportunities for Thanapiriya Public and Takuni Group
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thanapiriya and Takuni is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Thanapiriya Public and Takuni Group Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Takuni Group Public and Thanapiriya 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 Thanapiriya Public are associated (or correlated) with Takuni Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Takuni Group Public has no effect on the direction of Thanapiriya Public i.e., Thanapiriya Public and Takuni Group go up and down completely randomly.
Pair Corralation between Thanapiriya Public and Takuni Group
Assuming the 90 days trading horizon Thanapiriya Public is expected to generate 0.45 times more return on investment than Takuni Group. However, Thanapiriya Public is 2.21 times less risky than Takuni Group. It trades about 0.06 of its potential returns per unit of risk. Takuni Group Public is currently generating about -0.21 per unit of risk. If you would invest 352.00 in Thanapiriya Public on September 2, 2024 and sell it today you would earn a total of 8.00 from holding Thanapiriya Public or generate 2.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thanapiriya Public vs. Takuni Group Public
Performance |
| Timeline |
| Thanapiriya Public |
| Takuni Group Public |
Thanapiriya Public and Takuni Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thanapiriya Public and Takuni Group
The main advantage of trading using opposite Thanapiriya Public and Takuni Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thanapiriya Public position performs unexpectedly, Takuni Group 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 Takuni Group will offset losses from the drop in Takuni Group's long position.| Thanapiriya Public vs. S P V | Thanapiriya Public vs. Mega Lifesciences Public | Thanapiriya Public vs. TAC Consumer Public | Thanapiriya Public vs. Com7 PCL |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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