Correlation Between Sena J and Ditto Public
Can any of the company-specific risk be diversified away by investing in both Sena J and Ditto 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 Sena J and Ditto Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sena J Property and Ditto Public, you can compare the effects of market volatilities on Sena J and Ditto 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 Sena J with a short position of Ditto Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sena J and Ditto Public.
Diversification Opportunities for Sena J and Ditto Public
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sena and Ditto is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Sena J Property and Ditto Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ditto Public and Sena J 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 Sena J Property are associated (or correlated) with Ditto Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ditto Public has no effect on the direction of Sena J i.e., Sena J and Ditto Public go up and down completely randomly.
Pair Corralation between Sena J and Ditto Public
Assuming the 90 days trading horizon Sena J Property is expected to generate 1.56 times more return on investment than Ditto Public. However, Sena J is 1.56 times more volatile than Ditto Public. It trades about 0.06 of its potential returns per unit of risk. Ditto Public is currently generating about -0.08 per unit of risk. If you would invest 21.00 in Sena J Property on April 24, 2025 and sell it today you would earn a total of 2.00 from holding Sena J Property or generate 9.52% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 98.31% |
Values | Daily Returns |
Sena J Property vs. Ditto Public
Performance |
Timeline |
Sena J Property |
Ditto Public |
Sena J and Ditto Public Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sena J and Ditto Public
The main advantage of trading using opposite Sena J and Ditto Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sena J position performs unexpectedly, Ditto 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 Ditto Public will offset losses from the drop in Ditto Public's long position.Sena J vs. Delta Electronics Public | Sena J vs. Delta Electronics Public | Sena J vs. Airports of Thailand | Sena J 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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