Correlation Between Ubis Public and Thai Mitsuwa
Can any of the company-specific risk be diversified away by investing in both Ubis Public and Thai Mitsuwa 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 Ubis Public and Thai Mitsuwa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ubis Public and Thai Mitsuwa Public, you can compare the effects of market volatilities on Ubis Public and Thai Mitsuwa 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 Ubis Public with a short position of Thai Mitsuwa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ubis Public and Thai Mitsuwa.
Diversification Opportunities for Ubis Public and Thai Mitsuwa
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ubis and Thai is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Ubis Public and Thai Mitsuwa Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Mitsuwa Public and Ubis 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 Ubis Public are associated (or correlated) with Thai Mitsuwa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Mitsuwa Public has no effect on the direction of Ubis Public i.e., Ubis Public and Thai Mitsuwa go up and down completely randomly.
Pair Corralation between Ubis Public and Thai Mitsuwa
Assuming the 90 days trading horizon Ubis Public is expected to under-perform the Thai Mitsuwa. In addition to that, Ubis Public is 1.26 times more volatile than Thai Mitsuwa Public. It trades about -0.4 of its total potential returns per unit of risk. Thai Mitsuwa Public is currently generating about -0.05 per unit of volatility. If you would invest 6,350 in Thai Mitsuwa Public on August 29, 2024 and sell it today you would lose (100.00) from holding Thai Mitsuwa Public or give up 1.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ubis Public vs. Thai Mitsuwa Public
Performance |
| Timeline |
| Ubis Public |
| Thai Mitsuwa Public |
Ubis Public and Thai Mitsuwa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ubis Public and Thai Mitsuwa
The main advantage of trading using opposite Ubis Public and Thai Mitsuwa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ubis Public position performs unexpectedly, Thai Mitsuwa 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 Thai Mitsuwa will offset losses from the drop in Thai Mitsuwa's long position.| Ubis Public vs. NCL International Logistics | Ubis Public vs. The Erawan Group | Ubis Public vs. Airports of Thailand | Ubis Public vs. Eastern Technical Engineering |
| Thai Mitsuwa vs. Sherwood Public | Thai Mitsuwa vs. Thanachart Capital Public | Thai Mitsuwa vs. T S Flour | Thai Mitsuwa 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |