Correlation Between CP ALL and Central Pattana
Specify exactly 2 symbols:
By analyzing existing cross correlation between CP ALL Public and Central Pattana Public, you can compare the effects of market volatilities on CP ALL and Central Pattana 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 Central Pattana. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Central Pattana.
Diversification Opportunities for CP ALL and Central Pattana
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between CPALL-R and Central is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Central Pattana Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Central Pattana 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 Central Pattana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Central Pattana Public has no effect on the direction of CP ALL i.e., CP ALL and Central Pattana go up and down completely randomly.
Pair Corralation between CP ALL and Central Pattana
Assuming the 90 days trading horizon CP ALL Public is expected to under-perform the Central Pattana. But the stock apears to be less risky and, when comparing its historical volatility, CP ALL Public is 51.84 times less risky than Central Pattana. The stock trades about 0.0 of its potential returns per unit of risk. The Central Pattana Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 6,957 in Central Pattana Public on September 1, 2024 and sell it today you would lose (957.00) from holding Central Pattana Public or give up 13.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.77% |
| Values | Daily Returns |
CP ALL Public vs. Central Pattana Public
Performance |
| Timeline |
| CP ALL Public |
| Central Pattana Public |
CP ALL and Central Pattana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and Central Pattana
The main advantage of trading using opposite CP ALL and Central Pattana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Central Pattana 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 Central Pattana will offset losses from the drop in Central Pattana'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 |
| Central Pattana vs. PTG Energy Public | Central Pattana vs. WHA Public | Central Pattana vs. Thai Union Group | Central Pattana vs. Ratch Group 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |