Correlation Between Thanapiriya Public and Winner Group
Can any of the company-specific risk be diversified away by investing in both Thanapiriya Public and Winner 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 Winner 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 Winner Group Enterprise, you can compare the effects of market volatilities on Thanapiriya Public and Winner 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 Winner Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thanapiriya Public and Winner Group.
Diversification Opportunities for Thanapiriya Public and Winner Group
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thanapiriya and Winner is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Thanapiriya Public and Winner Group Enterprise in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Group Enterprise 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 Winner Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Group Enterprise has no effect on the direction of Thanapiriya Public i.e., Thanapiriya Public and Winner Group go up and down completely randomly.
Pair Corralation between Thanapiriya Public and Winner Group
Assuming the 90 days trading horizon Thanapiriya Public is expected to under-perform the Winner Group. In addition to that, Thanapiriya Public is 1.39 times more volatile than Winner Group Enterprise. It trades about -0.22 of its total potential returns per unit of risk. Winner Group Enterprise is currently generating about -0.09 per unit of volatility. If you would invest 202.00 in Winner Group Enterprise on November 3, 2024 and sell it today you would lose (4.00) from holding Winner Group Enterprise or give up 1.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thanapiriya Public vs. Winner Group Enterprise
Performance |
| Timeline |
| Thanapiriya Public |
| Winner Group Enterprise |
Thanapiriya Public and Winner Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thanapiriya Public and Winner Group
The main advantage of trading using opposite Thanapiriya Public and Winner Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thanapiriya Public position performs unexpectedly, Winner 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 Winner Group will offset losses from the drop in Winner 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 |
| Winner Group vs. T S Flour | Winner Group vs. Vintcom Technology PCL | Winner Group vs. Thanapiriya Public | Winner Group vs. Ubis Public |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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