Correlation Between Global Ship and PTT Global
Can any of the company-specific risk be diversified away by investing in both Global Ship and PTT Global 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 Global Ship and PTT Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global Ship Lease and PTT Global Chemical, you can compare the effects of market volatilities on Global Ship and PTT Global 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 Global Ship with a short position of PTT Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Ship and PTT Global.
Diversification Opportunities for Global Ship and PTT Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Global and PTT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global Ship Lease and PTT Global Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTT Global Chemical and Global Ship 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 Global Ship Lease are associated (or correlated) with PTT Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTT Global Chemical has no effect on the direction of Global Ship i.e., Global Ship and PTT Global go up and down completely randomly.
Pair Corralation between Global Ship and PTT Global
If you would invest 2,380 in Global Ship Lease on September 12, 2024 and sell it today you would earn a total of 297.00 from holding Global Ship Lease or generate 12.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Global Ship Lease vs. PTT Global Chemical
Performance |
| Timeline |
| Global Ship Lease |
| PTT Global Chemical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Global Ship and PTT Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Ship and PTT Global
The main advantage of trading using opposite Global Ship and PTT Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Ship position performs unexpectedly, PTT Global 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 PTT Global will offset losses from the drop in PTT Global's long position.| Global Ship vs. Safe Bulkers | Global Ship vs. Diana Shipping | Global Ship vs. Costamare | Global Ship vs. Safe Bulkers |
| PTT Global vs. Comstock Holding Companies | PTT Global vs. Global Ship Lease | PTT Global vs. Vestis | PTT Global vs. Abcellera Biologics |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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