Correlation Between Unique Mining and Phatra Leasing

Can any of the company-specific risk be diversified away by investing in both Unique Mining and Phatra Leasing 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 Unique Mining and Phatra Leasing into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Unique Mining Services and Phatra Leasing Public, you can compare the effects of market volatilities on Unique Mining and Phatra Leasing 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 Unique Mining with a short position of Phatra Leasing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unique Mining and Phatra Leasing.

Diversification Opportunities for Unique Mining and Phatra Leasing

0.04

Correlation Coefficient

Unique Mining  Phatra Leasing

Significant diversification

The 3 months correlation between Unique and Phatra is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Unique Mining Services and Phatra Leasing Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phatra Leasing Public and Unique Mining 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 Unique Mining Services are associated (or correlated) with Phatra Leasing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phatra Leasing Public has no effect on the direction of Unique Mining i.e., Unique Mining and Phatra Leasing go up and down completely randomly.

Pair Corralation between Unique Mining and Phatra Leasing

Assuming the 90 days trading horizon Unique Mining Services is expected to under-perform the Phatra Leasing. In addition to that, Unique Mining is 1.44 times more volatile than Phatra Leasing Public. It trades about -0.04 of its total potential returns per unit of risk. Phatra Leasing Public is currently generating about 0.09 per unit of volatility. If you would invest  105.00  in Phatra Leasing Public on April 23, 2025 and sell it today you would earn a total of  18.00  from holding Phatra Leasing Public or generate 17.14% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Unique Mining Services  vs.  Phatra Leasing Public

Unique Mining Services

Risk-Adjusted Performance

Very Weak

Over the last 90 days Unique Mining Services has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Stock's basic indicators remain quite persistent which may send shares a bit higher in August 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Phatra Leasing Public

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Phatra Leasing Public are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite quite conflicting fundamental drivers, Phatra Leasing disclosed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Unique Mining and Phatra Leasing

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

The idea behind Unique Mining Services and Phatra Leasing 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.

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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.