Correlation Between Airports and CPN Retail
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By analyzing existing cross correlation between Airports of Thailand and CPN Retail Growth, you can compare the effects of market volatilities on Airports and CPN Retail 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 CPN Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Airports and CPN Retail.
Diversification Opportunities for Airports and CPN Retail
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Airports and CPN is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Airports of Thailand and CPN Retail Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CPN Retail Growth 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 CPN Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CPN Retail Growth has no effect on the direction of Airports i.e., Airports and CPN Retail go up and down completely randomly.
Pair Corralation between Airports and CPN Retail
Assuming the 90 days trading horizon Airports of Thailand is expected to under-perform the CPN Retail. But the stock apears to be less risky and, when comparing its historical volatility, Airports of Thailand is 1.38 times less risky than CPN Retail. The stock trades about -0.04 of its potential returns per unit of risk. The CPN Retail Growth is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,016 in CPN Retail Growth on October 22, 2024 and sell it today you would earn a total of 174.00 from holding CPN Retail Growth or generate 17.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Airports of Thailand vs. CPN Retail Growth
Performance |
| Timeline |
| Airports of Thailand |
| CPN Retail Growth |
Airports and CPN Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Airports and CPN Retail
The main advantage of trading using opposite Airports and CPN Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Airports position performs unexpectedly, CPN Retail 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 CPN Retail will offset losses from the drop in CPN Retail's long position.| Airports vs. CP ALL Public | Airports vs. PTT Public | Airports vs. Kasikornbank Public | Airports vs. Bangkok Dusit Medical |
| CPN Retail vs. Central Pattana Public | CPN Retail vs. Digital Telecommunications Infrastructure | CPN Retail vs. Impact Growth REIT | CPN Retail vs. WHA Premium Growth |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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