Correlation Between Precious Shipping and Samart Public
Can any of the company-specific risk be diversified away by investing in both Precious Shipping and Samart Public at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Precious Shipping and Samart Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Precious Shipping Public and Samart Public, you can compare the effects of market volatilities on Precious Shipping and Samart 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 Precious Shipping with a short position of Samart Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Precious Shipping and Samart Public.
Diversification Opportunities for Precious Shipping and Samart Public
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Precious and Samart is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Precious Shipping Public and Samart Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Samart Public and Precious Shipping 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 Precious Shipping Public are associated (or correlated) with Samart Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Samart Public has no effect on the direction of Precious Shipping i.e., Precious Shipping and Samart Public go up and down completely randomly.
Pair Corralation between Precious Shipping and Samart Public
Assuming the 90 days trading horizon Precious Shipping Public is expected to generate 1.27 times more return on investment than Samart Public. However, Precious Shipping is 1.27 times more volatile than Samart Public. It trades about 0.12 of its potential returns per unit of risk. Samart Public is currently generating about 0.04 per unit of risk. If you would invest 571.00 in Precious Shipping Public on April 21, 2025 and sell it today you would earn a total of 104.00 from holding Precious Shipping Public or generate 18.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Precious Shipping Public vs. Samart Public
Performance |
Timeline |
Precious Shipping Public |
Samart Public |
Precious Shipping and Samart Public Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Precious Shipping and Samart Public
The main advantage of trading using opposite Precious Shipping and Samart Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Precious Shipping position performs unexpectedly, Samart 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 Samart Public will offset losses from the drop in Samart Public's long position.Precious Shipping vs. Thoresen Thai Agencies | Precious Shipping vs. Regional Container Lines | Precious Shipping vs. The Siam Cement | Precious Shipping vs. PTT 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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