Correlation Between CP ALL and Polyplex Public
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By analyzing existing cross correlation between CP ALL Public and Polyplex Public, you can compare the effects of market volatilities on CP ALL and Polyplex Public 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 Polyplex Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Polyplex Public.
Diversification Opportunities for CP ALL and Polyplex Public
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CPALL-R and Polyplex is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Polyplex Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Polyplex 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 Polyplex Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Polyplex Public has no effect on the direction of CP ALL i.e., CP ALL and Polyplex Public go up and down completely randomly.
Pair Corralation between CP ALL and Polyplex Public
Assuming the 90 days trading horizon CP ALL is expected to generate 2439.4 times less return on investment than Polyplex Public. But when comparing it to its historical volatility, CP ALL Public is 49.31 times less risky than Polyplex Public. It trades about 0.0 of its potential returns per unit of risk. Polyplex Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,430 in Polyplex Public on September 1, 2024 and sell it today you would lose (1,160) from holding Polyplex Public or give up 47.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
CP ALL Public vs. Polyplex Public
Performance |
| Timeline |
| CP ALL Public |
| Polyplex Public |
CP ALL and Polyplex Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and Polyplex Public
The main advantage of trading using opposite CP ALL and Polyplex Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Polyplex Public 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 Polyplex Public will offset losses from the drop in Polyplex Public'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 |
| Polyplex Public vs. PTT Public | Polyplex Public vs. The Siam Commercial | Polyplex Public vs. Airports of Thailand | Polyplex Public vs. CP ALL 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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