Correlation Between Eureka Design and Delta Electronics
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By analyzing existing cross correlation between Eureka Design Public and Delta Electronics Public, you can compare the effects of market volatilities on Eureka Design and Delta Electronics 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 Eureka Design with a short position of Delta Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eureka Design and Delta Electronics.
Diversification Opportunities for Eureka Design and Delta Electronics
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eureka and Delta is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Eureka Design Public and Delta Electronics Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delta Electronics Public and Eureka Design 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 Eureka Design Public are associated (or correlated) with Delta Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delta Electronics Public has no effect on the direction of Eureka Design i.e., Eureka Design and Delta Electronics go up and down completely randomly.
Pair Corralation between Eureka Design and Delta Electronics
Assuming the 90 days trading horizon Eureka Design is expected to generate 11.76 times less return on investment than Delta Electronics. But when comparing it to its historical volatility, Eureka Design Public is 1.73 times less risky than Delta Electronics. It trades about 0.01 of its potential returns per unit of risk. Delta Electronics Public is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 9,920 in Delta Electronics Public on August 29, 2024 and sell it today you would earn a total of 5,180 from holding Delta Electronics Public or generate 52.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eureka Design Public vs. Delta Electronics Public
Performance |
| Timeline |
| Eureka Design Public |
| Delta Electronics Public |
Eureka Design and Delta Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eureka Design and Delta Electronics
The main advantage of trading using opposite Eureka Design and Delta Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eureka Design position performs unexpectedly, Delta Electronics 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 Delta Electronics will offset losses from the drop in Delta Electronics' long position.| Eureka Design vs. Quality Houses Hotel | Eureka Design vs. Quality Houses Property | Eureka Design vs. CK Power Public | Eureka Design vs. Thai Metal Drum |
| Delta Electronics vs. Delta Electronics Public | Delta Electronics vs. PTT Public | Delta Electronics vs. CP ALL Public | Delta Electronics vs. The Siam Commercial |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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