Correlation Between Thai Beverage and Avepoint Inc

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Can any of the company-specific risk be diversified away by investing in both Thai Beverage and Avepoint Inc 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 Thai Beverage and Avepoint Inc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thai Beverage Public and Avepoint Inc Cl, you can compare the effects of market volatilities on Thai Beverage and Avepoint Inc 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 Thai Beverage with a short position of Avepoint Inc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Beverage and Avepoint Inc.

Diversification Opportunities for Thai Beverage and Avepoint Inc

0.7
  Correlation Coefficient

Poor diversification

The 3 months correlation between TBVPF and Avepoint is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Thai Beverage Public and Avepoint Inc Cl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Avepoint Inc Cl and Thai Beverage 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 Thai Beverage Public are associated (or correlated) with Avepoint Inc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Avepoint Inc Cl has no effect on the direction of Thai Beverage i.e., Thai Beverage and Avepoint Inc go up and down completely randomly.

Pair Corralation between Thai Beverage and Avepoint Inc

Assuming the 90 days horizon Thai Beverage is expected to generate 1.99 times less return on investment than Avepoint Inc. But when comparing it to its historical volatility, Thai Beverage Public is 1.21 times less risky than Avepoint Inc. It trades about 0.1 of its potential returns per unit of risk. Avepoint Inc Cl is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  412.00  in Avepoint Inc Cl on August 28, 2022 and sell it today you would earn a total of  67.00  from holding Avepoint Inc Cl or generate 16.26% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Thai Beverage Public  vs.  Avepoint Inc Cl

 Performance (%) 
       Timeline  
Thai Beverage Public 
TBVPF Performance
0 of 100
Over the last 90 days Thai Beverage Public has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Thai Beverage is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

TBVPF Price Channel

Avepoint Inc Cl 
Avepoint Performance
2 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Avepoint Inc Cl are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable basic indicators, Avepoint Inc is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Avepoint Price Channel

Thai Beverage and Avepoint Inc Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Thai Beverage and Avepoint Inc

The main advantage of trading using opposite Thai Beverage and Avepoint Inc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Beverage position performs unexpectedly, Avepoint Inc 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 Avepoint Inc will offset losses from the drop in Avepoint Inc's long position.
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The idea behind Thai Beverage Public and Avepoint Inc Cl 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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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.

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