Correlation Between CP ALL and OSOTSPA PCL
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By analyzing existing cross correlation between CP ALL Public and OSOTSPA PCL NVDR, you can compare the effects of market volatilities on CP ALL and OSOTSPA PCL 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 OSOTSPA PCL. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and OSOTSPA PCL.
Diversification Opportunities for CP ALL and OSOTSPA PCL
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CPALL-R and OSOTSPA is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and OSOTSPA PCL NVDR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OSOTSPA PCL NVDR 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 OSOTSPA PCL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OSOTSPA PCL NVDR has no effect on the direction of CP ALL i.e., CP ALL and OSOTSPA PCL go up and down completely randomly.
Pair Corralation between CP ALL and OSOTSPA PCL
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.19 times more return on investment than OSOTSPA PCL. However, CP ALL Public is 5.26 times less risky than OSOTSPA PCL. It trades about -0.07 of its potential returns per unit of risk. OSOTSPA PCL NVDR is currently generating about -0.22 per unit of risk. If you would invest 6,425 in CP ALL Public on August 25, 2024 and sell it today you would lose (100.00) from holding CP ALL Public or give up 1.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. OSOTSPA PCL NVDR
Performance |
| Timeline |
| CP ALL Public |
| OSOTSPA PCL NVDR |
CP ALL and OSOTSPA PCL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and OSOTSPA PCL
The main advantage of trading using opposite CP ALL and OSOTSPA PCL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, OSOTSPA PCL 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 OSOTSPA PCL will offset losses from the drop in OSOTSPA PCL'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 |
| OSOTSPA PCL vs. CP ALL Public | OSOTSPA PCL vs. Charoen Pokphand Foods | OSOTSPA PCL vs. Electricity Generating Public | OSOTSPA PCL 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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