Correlation Between Winner Group and Asia Green
Can any of the company-specific risk be diversified away by investing in both Winner Group and Asia Green 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 Winner Group and Asia Green into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Winner Group Enterprise and Asia Green Energy, you can compare the effects of market volatilities on Winner Group and Asia Green 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 Winner Group with a short position of Asia Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Group and Asia Green.
Diversification Opportunities for Winner Group and Asia Green
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Winner and Asia is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Winner Group Enterprise and Asia Green Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Green Energy and Winner Group 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 Winner Group Enterprise are associated (or correlated) with Asia Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Green Energy has no effect on the direction of Winner Group i.e., Winner Group and Asia Green go up and down completely randomly.
Pair Corralation between Winner Group and Asia Green
Assuming the 90 days trading horizon Winner Group Enterprise is expected to generate 0.8 times more return on investment than Asia Green. However, Winner Group Enterprise is 1.25 times less risky than Asia Green. It trades about -0.13 of its potential returns per unit of risk. Asia Green Energy is currently generating about -0.27 per unit of risk. If you would invest 208.00 in Winner Group Enterprise on August 29, 2024 and sell it today you would lose (6.00) from holding Winner Group Enterprise or give up 2.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Winner Group Enterprise vs. Asia Green Energy
Performance |
| Timeline |
| Winner Group Enterprise |
| Asia Green Energy |
Winner Group and Asia Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Group and Asia Green
The main advantage of trading using opposite Winner Group and Asia Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Group position performs unexpectedly, Asia Green 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 Asia Green will offset losses from the drop in Asia Green's long position.| Winner Group vs. T S Flour | Winner Group vs. Vintcom Technology PCL | Winner Group vs. Thanapiriya Public | Winner Group vs. Ubis Public |
| Asia Green vs. AP Public | Asia Green vs. Banpu Public | Asia Green vs. Chularat Hospital Public | Asia Green vs. Bangkok Chain Hospital |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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