Correlation Between GFPT Public and Thaitheparos Public
Can any of the company-specific risk be diversified away by investing in both GFPT Public and Thaitheparos Public at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GFPT Public and Thaitheparos Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GFPT Public and Thaitheparos Public, you can compare the effects of market volatilities on GFPT Public and Thaitheparos Public 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 GFPT Public with a short position of Thaitheparos Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of GFPT Public and Thaitheparos Public.
Diversification Opportunities for GFPT Public and Thaitheparos Public
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between GFPT and Thaitheparos is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding GFPT Public and Thaitheparos Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaitheparos Public and GFPT Public 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 GFPT Public are associated (or correlated) with Thaitheparos Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaitheparos Public has no effect on the direction of GFPT Public i.e., GFPT Public and Thaitheparos Public go up and down completely randomly.
Pair Corralation between GFPT Public and Thaitheparos Public
Assuming the 90 days trading horizon GFPT Public is expected to under-perform the Thaitheparos Public. But the stock apears to be less risky and, when comparing its historical volatility, GFPT Public is 30.25 times less risky than Thaitheparos Public. The stock trades about -0.01 of its potential returns per unit of risk. The Thaitheparos Public is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 3,306 in Thaitheparos Public on August 31, 2024 and sell it today you would earn a total of 594.00 from holding Thaitheparos Public or generate 17.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.73% |
| Values | Daily Returns |
GFPT Public vs. Thaitheparos Public
Performance |
| Timeline |
| GFPT Public |
| Thaitheparos Public |
GFPT Public and Thaitheparos Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GFPT Public and Thaitheparos Public
The main advantage of trading using opposite GFPT Public and Thaitheparos Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GFPT Public position performs unexpectedly, Thaitheparos Public 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 Thaitheparos Public will offset losses from the drop in Thaitheparos Public's long position.| GFPT Public vs. MK Restaurant Group | GFPT Public vs. TRC Construction Public | GFPT Public vs. Bangkok Expressway and | GFPT Public vs. Lohakit Metal Public |
| Thaitheparos Public vs. MK Restaurant Group | Thaitheparos Public vs. TRC Construction Public | Thaitheparos Public vs. Bangkok Expressway and | Thaitheparos Public vs. Lohakit Metal 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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