Correlation Between Delta Electronics and Asia Biomass
Specify exactly 2 symbols:
By analyzing existing cross correlation between Delta Electronics Public and Asia Biomass Public, you can compare the effects of market volatilities on Delta Electronics and Asia Biomass 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 Delta Electronics with a short position of Asia Biomass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delta Electronics and Asia Biomass.
Diversification Opportunities for Delta Electronics and Asia Biomass
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Delta and Asia is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Delta Electronics Public and Asia Biomass Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Biomass Public and Delta Electronics 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 Delta Electronics Public are associated (or correlated) with Asia Biomass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Biomass Public has no effect on the direction of Delta Electronics i.e., Delta Electronics and Asia Biomass go up and down completely randomly.
Pair Corralation between Delta Electronics and Asia Biomass
Assuming the 90 days trading horizon Delta Electronics is expected to generate 6.88 times less return on investment than Asia Biomass. But when comparing it to its historical volatility, Delta Electronics Public is 11.43 times less risky than Asia Biomass. It trades about 0.06 of its potential returns per unit of risk. Asia Biomass Public is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 189.00 in Asia Biomass Public on September 29, 2024 and sell it today you would lose (81.00) from holding Asia Biomass Public or give up 42.86% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 99.79% |
Values | Daily Returns |
Delta Electronics Public vs. Asia Biomass Public
Performance |
Timeline |
Delta Electronics Public |
Asia Biomass Public |
Delta Electronics and Asia Biomass Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Delta Electronics and Asia Biomass
The main advantage of trading using opposite Delta Electronics and Asia Biomass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delta Electronics position performs unexpectedly, Asia Biomass 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 Biomass will offset losses from the drop in Asia Biomass' long position.Delta Electronics vs. Delta Electronics Public | Delta Electronics vs. PTT Public | Delta Electronics vs. CP ALL Public | Delta Electronics vs. The Siam Commercial |
Asia Biomass vs. Akkhie Prakarn Public | Asia Biomass vs. AIRA Factoring Public | Asia Biomass vs. G Capital Public | Asia Biomass vs. Asia Green Energy |
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.
Other Complementary Tools
Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |