Correlation Between CP ALL and ATP 30
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By analyzing existing cross correlation between CP ALL Public and ATP 30 Public, you can compare the effects of market volatilities on CP ALL and ATP 30 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 CP ALL with a short position of ATP 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and ATP 30.
Diversification Opportunities for CP ALL and ATP 30
Modest diversification
The 3 months correlation between CPALL-R and ATP is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and ATP 30 Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATP 30 Public and CP ALL 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 CP ALL Public are associated (or correlated) with ATP 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATP 30 Public has no effect on the direction of CP ALL i.e., CP ALL and ATP 30 go up and down completely randomly.
Pair Corralation between CP ALL and ATP 30
Assuming the 90 days trading horizon CP ALL Public is expected to under-perform the ATP 30. But the stock apears to be less risky and, when comparing its historical volatility, CP ALL Public is 2.26 times less risky than ATP 30. The stock trades about -0.04 of its potential returns per unit of risk. The ATP 30 Public is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 93.00 in ATP 30 Public on September 5, 2024 and sell it today you would earn a total of 10.00 from holding ATP 30 Public or generate 10.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. ATP 30 Public
Performance |
| Timeline |
| CP ALL Public |
| ATP 30 Public |
CP ALL and ATP 30 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and ATP 30
The main advantage of trading using opposite CP ALL and ATP 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, ATP 30 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 ATP 30 will offset losses from the drop in ATP 30's long position.| CP ALL vs. Airports of Thailand | CP ALL vs. CP ALL Public | CP ALL vs. Charoen Pokphand Foods | CP ALL vs. Bangkok Dusit Medical |
| ATP 30 vs. Dynasty Ceramic Public | ATP 30 vs. Filter Vision Public | ATP 30 vs. East Coast Furnitech | ATP 30 vs. Asia Green Energy |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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