Correlation Between CP ALL and TOA PAINT
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By analyzing existing cross correlation between CP ALL Public and TOA PAINT, you can compare the effects of market volatilities on CP ALL and TOA PAINT 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 TOA PAINT. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and TOA PAINT.
Diversification Opportunities for CP ALL and TOA PAINT
Very weak diversification
The 3 months correlation between CPALL-R and TOA is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and TOA PAINT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOA PAINT 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 TOA PAINT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOA PAINT has no effect on the direction of CP ALL i.e., CP ALL and TOA PAINT go up and down completely randomly.
Pair Corralation between CP ALL and TOA PAINT
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.14 times more return on investment than TOA PAINT. However, CP ALL Public is 7.3 times less risky than TOA PAINT. It trades about -0.04 of its potential returns per unit of risk. TOA PAINT is currently generating about -0.27 per unit of risk. If you would invest 6,450 in CP ALL Public on September 5, 2024 and sell it today you would lose (75.00) from holding CP ALL Public or give up 1.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CP ALL Public vs. TOA PAINT
Performance |
| Timeline |
| CP ALL Public |
| TOA PAINT |
CP ALL and TOA PAINT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CP ALL and TOA PAINT
The main advantage of trading using opposite CP ALL and TOA PAINT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, TOA PAINT 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 TOA PAINT will offset losses from the drop in TOA PAINT'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 |
| TOA PAINT vs. Bhiraj Office Leasehold | TOA PAINT vs. Firetrade Engineering Public | TOA PAINT vs. MCS Steel Public | TOA PAINT vs. Pato Chemical Industry |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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