Correlation Between CPN Retail and Airports
Specify exactly 2 symbols:
By analyzing existing cross correlation between CPN Retail Growth and Airports of Thailand, you can compare the effects of market volatilities on CPN Retail and Airports 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 CPN Retail with a short position of Airports. Check out your portfolio center. Please also check ongoing floating volatility patterns of CPN Retail and Airports.
Diversification Opportunities for CPN Retail and Airports
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CPN and Airports is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding CPN Retail Growth and Airports of Thailand in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Airports of Thailand and CPN Retail 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 CPN Retail Growth are associated (or correlated) with Airports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Airports of Thailand has no effect on the direction of CPN Retail i.e., CPN Retail and Airports go up and down completely randomly.
Pair Corralation between CPN Retail and Airports
Assuming the 90 days trading horizon CPN Retail Growth is expected to generate 1.38 times more return on investment than Airports. However, CPN Retail is 1.38 times more volatile than Airports of Thailand. It trades about 0.06 of its potential returns per unit of risk. Airports of Thailand is currently generating about -0.04 per unit of risk. If you would invest 1,016 in CPN Retail Growth on October 22, 2024 and sell it today you would earn a total of 174.00 from holding CPN Retail Growth or generate 17.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CPN Retail Growth vs. Airports of Thailand
Performance |
| Timeline |
| CPN Retail Growth |
| Airports of Thailand |
CPN Retail and Airports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CPN Retail and Airports
The main advantage of trading using opposite CPN Retail and Airports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CPN Retail position performs unexpectedly, Airports 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 Airports will offset losses from the drop in Airports' long position.| CPN Retail vs. Central Pattana Public | CPN Retail vs. Digital Telecommunications Infrastructure | CPN Retail vs. Impact Growth REIT | CPN Retail vs. WHA Premium Growth |
| Airports vs. CP ALL Public | Airports vs. PTT Public | Airports vs. Kasikornbank Public | Airports vs. Bangkok Dusit Medical |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |