Correlation Between WHA UTILITIES and Erawan
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By analyzing existing cross correlation between WHA UTILITIES AND and The Erawan Group, you can compare the effects of market volatilities on WHA UTILITIES and Erawan 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 WHA UTILITIES with a short position of Erawan. Check out your portfolio center. Please also check ongoing floating volatility patterns of WHA UTILITIES and Erawan.
Diversification Opportunities for WHA UTILITIES and Erawan
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between WHA and Erawan is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding WHA UTILITIES AND and The Erawan Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Erawan Group and WHA UTILITIES 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 WHA UTILITIES AND are associated (or correlated) with Erawan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Erawan Group has no effect on the direction of WHA UTILITIES i.e., WHA UTILITIES and Erawan go up and down completely randomly.
Pair Corralation between WHA UTILITIES and Erawan
Assuming the 90 days trading horizon WHA UTILITIES AND is expected to generate 2.23 times more return on investment than Erawan. However, WHA UTILITIES is 2.23 times more volatile than The Erawan Group. It trades about 0.13 of its potential returns per unit of risk. The Erawan Group is currently generating about -0.18 per unit of risk. If you would invest 350.00 in WHA UTILITIES AND on September 24, 2024 and sell it today you would earn a total of 130.00 from holding WHA UTILITIES AND or generate 37.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
WHA UTILITIES AND vs. The Erawan Group
Performance |
Timeline |
WHA UTILITIES AND |
Erawan Group |
WHA UTILITIES and Erawan Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with WHA UTILITIES and Erawan
The main advantage of trading using opposite WHA UTILITIES and Erawan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WHA UTILITIES position performs unexpectedly, Erawan 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 Erawan will offset losses from the drop in Erawan's long position.WHA UTILITIES vs. WHA Utilities and | WHA UTILITIES vs. VGI Public | WHA UTILITIES vs. WHA Public | WHA UTILITIES vs. The Erawan Group |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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