Correlation Between Jay Mart and Thai Nam
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By analyzing existing cross correlation between Jay Mart Public and Thai Nam Plastic, you can compare the effects of market volatilities on Jay Mart and Thai Nam 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 Jay Mart with a short position of Thai Nam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Thai Nam.
Diversification Opportunities for Jay Mart and Thai Nam
Weak diversification
The 3 months correlation between Jay and Thai is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Thai Nam Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Nam Plastic and Jay Mart 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 Jay Mart Public are associated (or correlated) with Thai Nam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Nam Plastic has no effect on the direction of Jay Mart i.e., Jay Mart and Thai Nam go up and down completely randomly.
Pair Corralation between Jay Mart and Thai Nam
Assuming the 90 days trading horizon Jay Mart Public is expected to generate 53.95 times more return on investment than Thai Nam. However, Jay Mart is 53.95 times more volatile than Thai Nam Plastic. It trades about 0.14 of its potential returns per unit of risk. Thai Nam Plastic is currently generating about -0.07 per unit of risk. If you would invest 1,450 in Jay Mart Public on December 4, 2024 and sell it today you would lose (410.00) from holding Jay Mart Public or give up 28.28% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 72.88% |
Values | Daily Returns |
Jay Mart Public vs. Thai Nam Plastic
Performance |
Timeline |
Jay Mart Public |
Risk-Adjusted Performance
OK
Weak | Strong |
Thai Nam Plastic |
Jay Mart and Thai Nam Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jay Mart and Thai Nam
The main advantage of trading using opposite Jay Mart and Thai Nam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Thai Nam 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 Thai Nam will offset losses from the drop in Thai Nam's long position.Jay Mart vs. Digital Telecommunications Infrastructure | Jay Mart vs. Prime Office Leasehold | Jay Mart vs. CPN Retail Growth | Jay Mart vs. Dynasty Ceramic 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 Stocks Directory module to find actively traded stocks across global markets.
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