Correlation Analysis Between Straits Tms and NQPH

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

 Predicted Return Density 
      Returns 

Straits Tms  vs.  NQPH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Straits Tms is expected to generate 2.62 times less return on investment than NQPH. But when comparing it to its historical volatility, Straits Tms is 1.27 times less risky than NQPH. It trades about 0.05 of its potential returns per unit of risk. NQPH is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  95,650  in NQPH on November 18, 2018 and sell it today you would earn a total of  4,704  from holding NQPH or generate 4.92% return on investment over 30 days.

Pair Corralation between Straits Tms and NQPH

0.68
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy95.35%
ValuesDaily Returns

Diversification Opportunities for Straits Tms and NQPH

Straits Tms diversification synergy

Poor diversification

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