Correlation Between Airports and PTT Exploration
Specify exactly 2 symbols:
By analyzing existing cross correlation between Airports of Thailand and PTT Exploration and, you can compare the effects of market volatilities on Airports and PTT Exploration 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 PTT Exploration. Check out your portfolio center. Please also check ongoing floating volatility patterns of Airports and PTT Exploration.
Diversification Opportunities for Airports and PTT Exploration
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Airports and PTT is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Airports of Thailand and PTT Exploration and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTT Exploration 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 PTT Exploration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTT Exploration has no effect on the direction of Airports i.e., Airports and PTT Exploration go up and down completely randomly.
Pair Corralation between Airports and PTT Exploration
Assuming the 90 days trading horizon Airports of Thailand is expected to generate 0.96 times more return on investment than PTT Exploration. However, Airports of Thailand is 1.04 times less risky than PTT Exploration. It trades about -0.18 of its potential returns per unit of risk. PTT Exploration and is currently generating about -0.22 per unit of risk. If you would invest 7,070 in Airports of Thailand on August 28, 2024 and sell it today you would lose (920.00) from holding Airports of Thailand or give up 13.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Airports of Thailand vs. PTT Exploration and
Performance |
| Timeline |
| Airports of Thailand |
| PTT Exploration |
Airports and PTT Exploration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Airports and PTT Exploration
The main advantage of trading using opposite Airports and PTT Exploration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Airports position performs unexpectedly, PTT Exploration 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 PTT Exploration will offset losses from the drop in PTT Exploration's long position.| Airports vs. CP ALL Public | Airports vs. PTT Public | Airports vs. Bangkok Dusit Medical | Airports vs. The Siam Cement |
| PTT Exploration vs. PTT Public | PTT Exploration vs. CP ALL Public | PTT Exploration vs. Airports of Thailand | PTT Exploration vs. PTT Exploration and |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Commodity Directory Find actively traded commodities issued by global exchanges |