Correlation Between CP ALL and Bangkok Aviation
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By analyzing existing cross correlation between CP ALL Public and Bangkok Aviation Fuel, you can compare the effects of market volatilities on CP ALL and Bangkok Aviation 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 Bangkok Aviation. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Bangkok Aviation.
Diversification Opportunities for CP ALL and Bangkok Aviation
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CPALL-R and Bangkok is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Bangkok Aviation Fuel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bangkok Aviation Fuel 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 Bangkok Aviation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bangkok Aviation Fuel has no effect on the direction of CP ALL i.e., CP ALL and Bangkok Aviation go up and down completely randomly.
Pair Corralation between CP ALL and Bangkok Aviation
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.97 times more return on investment than Bangkok Aviation. However, CP ALL Public is 1.03 times less risky than Bangkok Aviation. It trades about -0.31 of its potential returns per unit of risk. Bangkok Aviation Fuel is currently generating about -0.52 per unit of risk. If you would invest 5,600 in CP ALL Public on November 9, 2024 and sell it today you would lose (850.00) from holding CP ALL Public or give up 15.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. Bangkok Aviation Fuel
Performance |
| Timeline |
| CP ALL Public |
| Bangkok Aviation Fuel |
CP ALL and Bangkok Aviation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and Bangkok Aviation
The main advantage of trading using opposite CP ALL and Bangkok Aviation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Bangkok Aviation 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 Bangkok Aviation will offset losses from the drop in Bangkok Aviation'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 |
| Bangkok Aviation vs. Bangchak Public | Bangkok Aviation vs. Airports of Thailand | Bangkok Aviation vs. AP Public | Bangkok Aviation vs. Central Pattana 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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