Correlation Between CP ALL and Thaifoods Group
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By analyzing existing cross correlation between CP ALL Public and Thaifoods Group Public, you can compare the effects of market volatilities on CP ALL and Thaifoods Group 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 Thaifoods Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Thaifoods Group.
Diversification Opportunities for CP ALL and Thaifoods Group
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between CPALL-R and Thaifoods is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Thaifoods Group Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaifoods Group 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 Thaifoods Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaifoods Group Public has no effect on the direction of CP ALL i.e., CP ALL and Thaifoods Group go up and down completely randomly.
Pair Corralation between CP ALL and Thaifoods Group
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.4 times more return on investment than Thaifoods Group. However, CP ALL Public is 2.48 times less risky than Thaifoods Group. It trades about -0.04 of its potential returns per unit of risk. Thaifoods Group Public is currently generating about -0.22 per unit of risk. If you would invest 6,300 in CP ALL Public on September 14, 2024 and sell it today you would lose (75.00) from holding CP ALL Public or give up 1.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. Thaifoods Group Public
Performance |
| Timeline |
| CP ALL Public |
| Thaifoods Group Public |
CP ALL and Thaifoods Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and Thaifoods Group
The main advantage of trading using opposite CP ALL and Thaifoods Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Thaifoods Group 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 Thaifoods Group will offset losses from the drop in Thaifoods Group'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 |
| Thaifoods Group vs. Thaifoods Group Public | Thaifoods Group vs. Thai President Foods | Thaifoods Group vs. Thai Capital | Thaifoods Group vs. Thaicom 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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