Correlation Analysis Between Straits Tms and ATX

This module allows you to analyze existing cross correlation between Straits Tms and ATX. You can compare the effects of market volatilities on Straits Tms and ATX 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 Straits Tms with a short position of ATX. See also your portfolio center. Please also check ongoing floating volatility patterns of Straits Tms and ATX.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

Straits Tms  vs.  ATX

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Straits Tms is expected to under-perform the ATX. But the index apears to be less risky and, when comparing its historical volatility, Straits Tms is 1.36 times less risky than ATX. The index trades about -0.18 of its potential returns per unit of risk. The ATX is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest  301,763  in ATX on September 19, 2019 and sell it today you would earn a total of  3,064  from holding ATX or generate 1.02% return on investment over 30 days.

Pair Corralation between Straits Tms and ATX

0.4
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy92.06%
ValuesDaily Returns

Diversification Opportunities for Straits Tms and ATX

Straits Tms diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Straits Tms and ATX in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ATX and Straits Tms 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 Straits Tms are associated (or correlated) with ATX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATX has no effect on the direction of Straits Tms i.e. Straits Tms and ATX go up and down completely randomly.
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See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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