Correlation Between WHA Public and T S
Can any of the company-specific risk be diversified away by investing in both WHA Public and T S 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 WHA Public and T S into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WHA Public and T S Flour, you can compare the effects of market volatilities on WHA Public and T S 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 WHA Public with a short position of T S. Check out your portfolio center. Please also check ongoing floating volatility patterns of WHA Public and T S.
Diversification Opportunities for WHA Public and T S
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between WHA and TMILL is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding WHA Public and T S Flour in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on T S Flour and WHA 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 WHA Public are associated (or correlated) with T S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of T S Flour has no effect on the direction of WHA Public i.e., WHA Public and T S go up and down completely randomly.
Pair Corralation between WHA Public and T S
Assuming the 90 days trading horizon WHA Public is expected to generate 53.66 times less return on investment than T S. But when comparing it to its historical volatility, WHA Public is 35.67 times less risky than T S. It trades about 0.04 of its potential returns per unit of risk. T S Flour is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 379.00 in T S Flour on September 14, 2024 and sell it today you would lose (77.00) from holding T S Flour or give up 20.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.62% |
| Values | Daily Returns |
WHA Public vs. T S Flour
Performance |
| Timeline |
| WHA Public |
| T S Flour |
WHA Public and T S Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WHA Public and T S
The main advantage of trading using opposite WHA Public and T S positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WHA Public position performs unexpectedly, T S 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 T S will offset losses from the drop in T S's long position.| WHA Public vs. Bangkok Dusit Medical | WHA Public vs. Land and Houses | WHA Public vs. BTS Group Holdings | WHA Public vs. Bangkok Expressway and |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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