Correlation Between Teka Construction and Grande Hospitality
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By analyzing existing cross correlation between Teka Construction PCL and Grande Hospitality Real, you can compare the effects of market volatilities on Teka Construction and Grande Hospitality 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 Teka Construction with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teka Construction and Grande Hospitality.
Diversification Opportunities for Teka Construction and Grande Hospitality
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Teka and Grande is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Teka Construction PCL and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and Teka Construction 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 Teka Construction PCL are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Teka Construction i.e., Teka Construction and Grande Hospitality go up and down completely randomly.
Pair Corralation between Teka Construction and Grande Hospitality
Assuming the 90 days trading horizon Teka Construction PCL is expected to under-perform the Grande Hospitality. In addition to that, Teka Construction is 2.21 times more volatile than Grande Hospitality Real. It trades about -0.12 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about 0.04 per unit of volatility. If you would invest 648.00 in Grande Hospitality Real on December 30, 2024 and sell it today you would earn a total of 12.00 from holding Grande Hospitality Real or generate 1.85% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Teka Construction PCL vs. Grande Hospitality Real
Performance |
Timeline |
Teka Construction PCL |
Grande Hospitality Real |
Teka Construction and Grande Hospitality Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Teka Construction and Grande Hospitality
The main advantage of trading using opposite Teka Construction and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teka Construction position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.Teka Construction vs. TKrungthai Industries Public | Teka Construction vs. TCM Public | Teka Construction vs. Well Graded Engineering | Teka Construction vs. The Steel 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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