Correlation Between BANPU POWER and B GRIMM
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By analyzing existing cross correlation between BANPU POWER and B GRIMM POWER, you can compare the effects of market volatilities on BANPU POWER and B GRIMM 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 BANPU POWER with a short position of B GRIMM. Check out your portfolio center. Please also check ongoing floating volatility patterns of BANPU POWER and B GRIMM.
Diversification Opportunities for BANPU POWER and B GRIMM
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BANPU and BGRIM-R is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding BANPU POWER and B GRIMM POWER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on B GRIMM POWER and BANPU POWER 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 BANPU POWER are associated (or correlated) with B GRIMM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of B GRIMM POWER has no effect on the direction of BANPU POWER i.e., BANPU POWER and B GRIMM go up and down completely randomly.
Pair Corralation between BANPU POWER and B GRIMM
Assuming the 90 days trading horizon BANPU POWER is expected to generate 0.34 times more return on investment than B GRIMM. However, BANPU POWER is 2.92 times less risky than B GRIMM. It trades about -0.04 of its potential returns per unit of risk. B GRIMM POWER is currently generating about -0.04 per unit of risk. If you would invest 1,371 in BANPU POWER on September 14, 2024 and sell it today you would lose (171.00) from holding BANPU POWER or give up 12.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.59% |
| Values | Daily Returns |
BANPU POWER vs. B GRIMM POWER
Performance |
| Timeline |
| BANPU POWER |
| B GRIMM POWER |
BANPU POWER and B GRIMM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BANPU POWER and B GRIMM
The main advantage of trading using opposite BANPU POWER and B GRIMM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BANPU POWER position performs unexpectedly, B GRIMM 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 B GRIMM will offset losses from the drop in B GRIMM's long position.| BANPU POWER vs. Super Energy | BANPU POWER vs. The Erawan Group | BANPU POWER vs. XSpring Capital Public | BANPU POWER vs. Ditto Public |
| B GRIMM vs. BGrimm Power Public | B GRIMM vs. Bangkok Dusit Medical | B GRIMM vs. Electricity Generating Public | B GRIMM vs. PTT Public |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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