Correlation Between CP ALL and Siam Cement
Specify exactly 2 symbols:
By analyzing existing cross correlation between CP ALL Public and The Siam Cement, you can compare the effects of market volatilities on CP ALL and Siam Cement 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 Siam Cement. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Siam Cement.
Diversification Opportunities for CP ALL and Siam Cement
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CPALL-R and Siam is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and The Siam Cement in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Cement 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 Siam Cement. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Cement has no effect on the direction of CP ALL i.e., CP ALL and Siam Cement go up and down completely randomly.
Pair Corralation between CP ALL and Siam Cement
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.66 times more return on investment than Siam Cement. However, CP ALL Public is 1.51 times less risky than Siam Cement. It trades about 0.01 of its potential returns per unit of risk. The Siam Cement is currently generating about -0.04 per unit of risk. If you would invest 6,290 in CP ALL Public on August 28, 2024 and sell it today you would earn a total of 35.00 from holding CP ALL Public or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. The Siam Cement
Performance |
| Timeline |
| CP ALL Public |
| Siam Cement |
CP ALL and Siam Cement Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and Siam Cement
The main advantage of trading using opposite CP ALL and Siam Cement positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Siam Cement 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 Siam Cement will offset losses from the drop in Siam Cement'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 |
| Siam Cement vs. NCL International Logistics | Siam Cement vs. The Erawan Group | Siam Cement vs. Airports of Thailand | Siam Cement vs. Eastern Technical Engineering |
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.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |