Correlation Between Supalai Public and Patrangsit Healthcare
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By analyzing existing cross correlation between Supalai Public and Patrangsit Healthcare Group, you can compare the effects of market volatilities on Supalai Public and Patrangsit Healthcare 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 Supalai Public with a short position of Patrangsit Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Supalai Public and Patrangsit Healthcare.
Diversification Opportunities for Supalai Public and Patrangsit Healthcare
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Supalai and Patrangsit is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Supalai Public and Patrangsit Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Patrangsit Healthcare and Supalai 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 Supalai Public are associated (or correlated) with Patrangsit Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Patrangsit Healthcare has no effect on the direction of Supalai Public i.e., Supalai Public and Patrangsit Healthcare go up and down completely randomly.
Pair Corralation between Supalai Public and Patrangsit Healthcare
Assuming the 90 days trading horizon Supalai Public is expected to generate 87.19 times more return on investment than Patrangsit Healthcare. However, Supalai Public is 87.19 times more volatile than Patrangsit Healthcare Group. It trades about 0.11 of its potential returns per unit of risk. Patrangsit Healthcare Group is currently generating about -0.06 per unit of risk. If you would invest 2,119 in Supalai Public on September 12, 2024 and sell it today you would lose (189.00) from holding Supalai Public or give up 8.92% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Supalai Public vs. Patrangsit Healthcare Group
Performance |
Timeline |
Supalai Public |
Patrangsit Healthcare |
Supalai Public and Patrangsit Healthcare Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Supalai Public and Patrangsit Healthcare
The main advantage of trading using opposite Supalai Public and Patrangsit Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Supalai Public position performs unexpectedly, Patrangsit Healthcare 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 Patrangsit Healthcare will offset losses from the drop in Patrangsit Healthcare's long position.Supalai Public vs. Property Perfect Public | Supalai Public vs. The Erawan Group | Supalai Public vs. Jay Mart Public | Supalai Public vs. Airports of Thailand |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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