Correlation Between Grande Hospitality and TMBThanachart Bank
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By analyzing existing cross correlation between Grande Hospitality Real and TMBThanachart Bank Public, you can compare the effects of market volatilities on Grande Hospitality and TMBThanachart Bank 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 TMBThanachart Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and TMBThanachart Bank.
Diversification Opportunities for Grande Hospitality and TMBThanachart Bank
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grande and TMBThanachart is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and TMBThanachart Bank Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TMBThanachart Bank 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 TMBThanachart Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TMBThanachart Bank Public has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and TMBThanachart Bank go up and down completely randomly.
Pair Corralation between Grande Hospitality and TMBThanachart Bank
Assuming the 90 days trading horizon Grande Hospitality is expected to generate 4.94 times less return on investment than TMBThanachart Bank. But when comparing it to its historical volatility, Grande Hospitality Real is 1.2 times less risky than TMBThanachart Bank. It trades about 0.01 of its potential returns per unit of risk. TMBThanachart Bank Public is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 170.00 in TMBThanachart Bank Public on September 3, 2024 and sell it today you would earn a total of 6.00 from holding TMBThanachart Bank Public or generate 3.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. TMBThanachart Bank Public
Performance |
| Timeline |
| Grande Hospitality Real |
| TMBThanachart Bank Public |
Grande Hospitality and TMBThanachart Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and TMBThanachart Bank
The main advantage of trading using opposite Grande Hospitality and TMBThanachart Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, TMBThanachart Bank 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 TMBThanachart Bank will offset losses from the drop in TMBThanachart Bank's long position.| Grande Hospitality vs. Ramkhamhaeng Hospital Public | Grande Hospitality vs. BPS TECHNOLOGY PUBLIC | Grande Hospitality vs. SAF Special Steel | Grande Hospitality vs. S Hotels and |
| TMBThanachart Bank vs. TISCO Financial Group | TMBThanachart Bank vs. Krung Thai Bank | TMBThanachart Bank vs. Kasikornbank Public | TMBThanachart Bank vs. SCB X 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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