Correlation Between Thai Energy and Thaicom Public
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By analyzing existing cross correlation between Thai Energy Storage and Thaicom Public, you can compare the effects of market volatilities on Thai Energy and Thaicom Public 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 Energy with a short position of Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Energy and Thaicom Public.
Diversification Opportunities for Thai Energy and Thaicom Public
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Thai and Thaicom is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Thai Energy Storage and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom Public and Thai Energy 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 Energy Storage are associated (or correlated) with Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of Thai Energy i.e., Thai Energy and Thaicom Public go up and down completely randomly.
Pair Corralation between Thai Energy and Thaicom Public
Assuming the 90 days trading horizon Thai Energy Storage is expected to generate 1.0 times more return on investment than Thaicom Public. However, Thai Energy is 1.0 times more volatile than Thaicom Public. It trades about 0.06 of its potential returns per unit of risk. Thaicom Public is currently generating about 0.06 per unit of risk. If you would invest 4,200 in Thai Energy Storage on September 14, 2024 and sell it today you would earn a total of 1,100 from holding Thai Energy Storage or generate 26.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thai Energy Storage vs. Thaicom Public
Performance |
| Timeline |
| Thai Energy Storage |
| Thaicom Public |
Thai Energy and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Energy and Thaicom Public
The main advantage of trading using opposite Thai Energy and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Energy position performs unexpectedly, Thaicom Public 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 Thaicom Public will offset losses from the drop in Thaicom Public's long position.| Thai Energy vs. AJ Advance Technology | Thai Energy vs. Cpt Drives Power | Thai Energy vs. Asia Precision Public | Thai Energy vs. Alla Public |
| Thaicom Public vs. Information and Communication | Thaicom Public vs. AJ Advance Technology | Thaicom Public vs. Kiattana Transport Public | Thaicom Public vs. Thai Energy Storage |
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 the Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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