Correlation Between Grande Hospitality and Thai Oil
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By analyzing existing cross correlation between Grande Hospitality Real and Thai Oil Public, you can compare the effects of market volatilities on Grande Hospitality and Thai Oil 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 Grande Hospitality with a short position of Thai Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Thai Oil.
Diversification Opportunities for Grande Hospitality and Thai Oil
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grande and Thai is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and Thai Oil Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Oil Public and Grande Hospitality 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 Grande Hospitality Real are associated (or correlated) with Thai Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Oil Public has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and Thai Oil go up and down completely randomly.
Pair Corralation between Grande Hospitality and Thai Oil
Assuming the 90 days trading horizon Grande Hospitality Real is expected to generate 0.53 times more return on investment than Thai Oil. However, Grande Hospitality Real is 1.9 times less risky than Thai Oil. It trades about -0.02 of its potential returns per unit of risk. Thai Oil Public is currently generating about -0.15 per unit of risk. If you would invest 655.00 in Grande Hospitality Real on September 1, 2024 and sell it today you would lose (5.00) from holding Grande Hospitality Real or give up 0.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. Thai Oil Public
Performance |
| Timeline |
| Grande Hospitality Real |
| Thai Oil Public |
Grande Hospitality and Thai Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Thai Oil
The main advantage of trading using opposite Grande Hospitality and Thai Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, Thai Oil 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 Thai Oil will offset losses from the drop in Thai Oil's long position.| Grande Hospitality vs. Warrix Sport PCL | Grande Hospitality vs. CHAOSUA FOODS INDUSTRY | Grande Hospitality vs. Food Moments PCL | Grande Hospitality vs. NSL Foods Public |
| Thai Oil vs. Sawang Export Public | Thai Oil vs. Quality Houses Hotel | Thai Oil vs. Grande Hospitality Real | Thai Oil vs. City Steel 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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