Correlation Between Central Pattana and CPN Retail
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By analyzing existing cross correlation between Central Pattana Public and CPN Retail Growth, you can compare the effects of market volatilities on Central Pattana and CPN Retail 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 Central Pattana with a short position of CPN Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Central Pattana and CPN Retail.
Diversification Opportunities for Central Pattana and CPN Retail
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Central and CPN is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Central Pattana Public and CPN Retail Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CPN Retail Growth and Central Pattana 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 Central Pattana Public are associated (or correlated) with CPN Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CPN Retail Growth has no effect on the direction of Central Pattana i.e., Central Pattana and CPN Retail go up and down completely randomly.
Pair Corralation between Central Pattana and CPN Retail
Assuming the 90 days trading horizon Central Pattana is expected to generate 37.79 times less return on investment than CPN Retail. In addition to that, Central Pattana is 1.01 times more volatile than CPN Retail Growth. It trades about 0.0 of its total potential returns per unit of risk. CPN Retail Growth is currently generating about 0.06 per unit of volatility. If you would invest 1,076 in CPN Retail Growth on November 3, 2024 and sell it today you would earn a total of 134.00 from holding CPN Retail Growth or generate 12.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Central Pattana Public vs. CPN Retail Growth
Performance |
| Timeline |
| Central Pattana Public |
| CPN Retail Growth |
Central Pattana and CPN Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Central Pattana and CPN Retail
The main advantage of trading using opposite Central Pattana and CPN Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Central Pattana position performs unexpectedly, CPN Retail 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 CPN Retail will offset losses from the drop in CPN Retail's long position.| Central Pattana vs. CP ALL Public | Central Pattana vs. Bangkok Dusit Medical | Central Pattana vs. Airports of Thailand | Central Pattana vs. Advanced Info Service |
| CPN Retail vs. Central Pattana Public | CPN Retail vs. Digital Telecommunications Infrastructure | CPN Retail vs. Impact Growth REIT | CPN Retail vs. WHA Premium Growth |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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