Correlation Between Thanapiriya Public and Fine Metal

Can any of the company-specific risk be diversified away by investing in both Thanapiriya Public and Fine Metal 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 Thanapiriya Public and Fine Metal into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Thanapiriya Public and Fine Metal Technologies, you can compare the effects of market volatilities on Thanapiriya Public and Fine Metal 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 Thanapiriya Public with a short position of Fine Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thanapiriya Public and Fine Metal.

Diversification Opportunities for Thanapiriya Public and Fine Metal

-0.36

Correlation Coefficient

Thanapiriya Public  Fine Metal

Very good diversification

The 3 months correlation between Thanapiriya and Fine is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Thanapiriya Public and Fine Metal Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fine Metal Technologies and Thanapiriya Public 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 Thanapiriya Public are associated (or correlated) with Fine Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fine Metal Technologies has no effect on the direction of Thanapiriya Public i.e., Thanapiriya Public and Fine Metal go up and down completely randomly.

Pair Corralation between Thanapiriya Public and Fine Metal

Assuming the 90 days trading horizon Thanapiriya Public is expected to under-perform the Fine Metal. But the stock apears to be less risky and, when comparing its historical volatility, Thanapiriya Public is 1.1 times less risky than Fine Metal. The stock trades about -0.04 of its potential returns per unit of risk. The Fine Metal Technologies is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  2,470  in Fine Metal Technologies on April 24, 2025 and sell it today you would earn a total of  180.00  from holding Fine Metal Technologies or generate 7.29% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.31%
Values	Daily Returns

Thanapiriya Public  vs.  Fine Metal Technologies

Thanapiriya Public

Risk-Adjusted Performance

Very Weak

Over the last 90 days Thanapiriya Public has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent basic indicators, Thanapiriya Public is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

Fine Metal Technologies

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Fine Metal Technologies are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite quite conflicting basic indicators, Fine Metal may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Pair Trading with Thanapiriya Public and Fine Metal

The main advantage of trading using opposite Thanapiriya Public and Fine Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thanapiriya Public position performs unexpectedly, Fine Metal 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 Fine Metal will offset losses from the drop in Fine Metal's long position.

The idea behind Thanapiriya Public and Fine Metal Technologies 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.

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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.