Correlation Between CP ALL and Thai Ha
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By analyzing existing cross correlation between CP ALL Public and Thai Ha Public, you can compare the effects of market volatilities on CP ALL and Thai Ha 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 Thai Ha. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Thai Ha.
Diversification Opportunities for CP ALL and Thai Ha
Poor diversification
The 3 months correlation between CPALL-R and Thai is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Thai Ha Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Ha 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 Thai Ha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Ha Public has no effect on the direction of CP ALL i.e., CP ALL and Thai Ha go up and down completely randomly.
Pair Corralation between CP ALL and Thai Ha
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.54 times more return on investment than Thai Ha. However, CP ALL Public is 1.86 times less risky than Thai Ha. It trades about -0.07 of its potential returns per unit of risk. Thai Ha Public is currently generating about -0.14 per unit of risk. If you would invest 6,450 in CP ALL Public on September 13, 2024 and sell it today you would lose (225.00) from holding CP ALL Public or give up 3.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. Thai Ha Public
Performance |
| Timeline |
| CP ALL Public |
| Thai Ha Public |
CP ALL and Thai Ha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and Thai Ha
The main advantage of trading using opposite CP ALL and Thai Ha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Thai Ha 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 Thai Ha will offset losses from the drop in Thai Ha'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 |
| Thai Ha vs. Thai Union Group | Thai Ha vs. Thai Union Group | Thai Ha vs. Thai President Foods | Thai Ha vs. Thai Vegetable Oil |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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