Correlation Between Winner Group and Sappe Public
Can any of the company-specific risk be diversified away by investing in both Winner Group and Sappe Public 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 Sappe Public 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 Sappe Public, you can compare the effects of market volatilities on Winner Group and Sappe Public 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 Sappe Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Group and Sappe Public.
Diversification Opportunities for Winner Group and Sappe Public
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Winner and Sappe is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Winner Group Enterprise and Sappe Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sappe Public 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 Sappe Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sappe Public has no effect on the direction of Winner Group i.e., Winner Group and Sappe Public go up and down completely randomly.
Pair Corralation between Winner Group and Sappe Public
Assuming the 90 days trading horizon Winner Group Enterprise is expected to generate 0.31 times more return on investment than Sappe Public. However, Winner Group Enterprise is 3.18 times less risky than Sappe Public. It trades about 0.0 of its potential returns per unit of risk. Sappe Public is currently generating about -0.24 per unit of risk. If you would invest 200.00 in Winner Group Enterprise on October 24, 2024 and sell it today you would earn a total of 0.00 from holding Winner Group Enterprise or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Winner Group Enterprise vs. Sappe Public
Performance |
| Timeline |
| Winner Group Enterprise |
| Sappe Public |
Winner Group and Sappe Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Group and Sappe Public
The main advantage of trading using opposite Winner Group and Sappe Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Group position performs unexpectedly, Sappe Public 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 Sappe Public will offset losses from the drop in Sappe Public'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 |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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