Correlation Between Thanapiriya Public and Ubis Public
Can any of the company-specific risk be diversified away by investing in both Thanapiriya Public and Ubis Public 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 Ubis Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thanapiriya Public and Ubis Public, you can compare the effects of market volatilities on Thanapiriya Public and Ubis Public 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 Ubis Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thanapiriya Public and Ubis Public.
Diversification Opportunities for Thanapiriya Public and Ubis Public
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Thanapiriya and Ubis is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Thanapiriya Public and Ubis Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ubis 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 Ubis Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ubis Public has no effect on the direction of Thanapiriya Public i.e., Thanapiriya Public and Ubis Public go up and down completely randomly.
Pair Corralation between Thanapiriya Public and Ubis Public
Assuming the 90 days trading horizon Thanapiriya Public is expected to generate 1.17 times more return on investment than Ubis Public. However, Thanapiriya Public is 1.17 times more volatile than Ubis Public. It trades about 0.05 of its potential returns per unit of risk. Ubis Public is currently generating about -0.39 per unit of risk. If you would invest 350.00 in Thanapiriya Public on August 29, 2024 and sell it today you would earn a total of 6.00 from holding Thanapiriya Public or generate 1.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thanapiriya Public vs. Ubis Public
Performance |
| Timeline |
| Thanapiriya Public |
| Ubis Public |
Thanapiriya Public and Ubis Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thanapiriya Public and Ubis Public
The main advantage of trading using opposite Thanapiriya Public and Ubis Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thanapiriya Public position performs unexpectedly, Ubis Public 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 Ubis Public will offset losses from the drop in Ubis Public'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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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