Correlation Between Airports and Prospect Logistics
Specify exactly 2 symbols:
By analyzing existing cross correlation between Airports of Thailand and Prospect Logistics and, you can compare the effects of market volatilities on Airports and Prospect Logistics 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 Airports with a short position of Prospect Logistics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Airports and Prospect Logistics.
Diversification Opportunities for Airports and Prospect Logistics
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Airports and Prospect is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Airports of Thailand and Prospect Logistics and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prospect Logistics and and Airports 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 Airports of Thailand are associated (or correlated) with Prospect Logistics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prospect Logistics and has no effect on the direction of Airports i.e., Airports and Prospect Logistics go up and down completely randomly.
Pair Corralation between Airports and Prospect Logistics
Assuming the 90 days trading horizon Airports of Thailand is expected to under-perform the Prospect Logistics. In addition to that, Airports is 5.45 times more volatile than Prospect Logistics and. It trades about -0.17 of its total potential returns per unit of risk. Prospect Logistics and is currently generating about -0.04 per unit of volatility. If you would invest 865.00 in Prospect Logistics and on August 25, 2024 and sell it today you would lose (5.00) from holding Prospect Logistics and or give up 0.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Airports of Thailand vs. Prospect Logistics and
Performance |
| Timeline |
| Airports of Thailand |
| Prospect Logistics and |
Airports and Prospect Logistics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Airports and Prospect Logistics
The main advantage of trading using opposite Airports and Prospect Logistics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Airports position performs unexpectedly, Prospect Logistics 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 Prospect Logistics will offset losses from the drop in Prospect Logistics' long position.| Airports vs. CP ALL Public | Airports vs. PTT Public | Airports vs. Bangkok Dusit Medical | Airports vs. The Siam Cement |
| Prospect Logistics vs. Delta Electronics Public | Prospect Logistics vs. Delta Electronics Public | Prospect Logistics vs. Airports of Thailand | Prospect Logistics vs. Airports of Thailand |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |