Correlation Between TPI POLENE and Sammakorn Public
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By analyzing existing cross correlation between TPI POLENE POWER and Sammakorn Public, you can compare the effects of market volatilities on TPI POLENE and Sammakorn Public 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 TPI POLENE with a short position of Sammakorn Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of TPI POLENE and Sammakorn Public.
Diversification Opportunities for TPI POLENE and Sammakorn Public
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TPI and Sammakorn is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding TPI POLENE POWER and Sammakorn Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sammakorn Public and TPI POLENE 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 TPI POLENE POWER are associated (or correlated) with Sammakorn Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sammakorn Public has no effect on the direction of TPI POLENE i.e., TPI POLENE and Sammakorn Public go up and down completely randomly.
Pair Corralation between TPI POLENE and Sammakorn Public
Assuming the 90 days trading horizon TPI POLENE POWER is expected to generate 0.42 times more return on investment than Sammakorn Public. However, TPI POLENE POWER is 2.39 times less risky than Sammakorn Public. It trades about 0.06 of its potential returns per unit of risk. Sammakorn Public is currently generating about -0.08 per unit of risk. If you would invest 308.00 in TPI POLENE POWER on February 5, 2024 and sell it today you would earn a total of 22.00 from holding TPI POLENE POWER or generate 7.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
TPI POLENE POWER vs. Sammakorn Public
Performance |
Timeline |
TPI POLENE POWER |
Sammakorn Public |
TPI POLENE and Sammakorn Public Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TPI POLENE and Sammakorn Public
The main advantage of trading using opposite TPI POLENE and Sammakorn Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TPI POLENE position performs unexpectedly, Sammakorn Public 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 Sammakorn Public will offset losses from the drop in Sammakorn Public's long position.The idea behind TPI POLENE POWER and Sammakorn Public pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.Sammakorn Public vs. Wave Entertainment Public | Sammakorn Public vs. Vibhavadi Medical Center | Sammakorn Public vs. VGI Public | Sammakorn Public vs. WHA Public |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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