Correlation Between PTT OIL and Sakol Energy
Can any of the company-specific risk be diversified away by investing in both PTT OIL and Sakol Energy 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 PTT OIL and Sakol Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PTT OIL RETAIL and Sakol Energy Public, you can compare the effects of market volatilities on PTT OIL and Sakol Energy 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 PTT OIL with a short position of Sakol Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT OIL and Sakol Energy.
Diversification Opportunities for PTT OIL and Sakol Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PTT and Sakol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PTT OIL RETAIL and Sakol Energy Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sakol Energy Public and PTT OIL 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 PTT OIL RETAIL are associated (or correlated) with Sakol Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sakol Energy Public has no effect on the direction of PTT OIL i.e., PTT OIL and Sakol Energy go up and down completely randomly.
Pair Corralation between PTT OIL and Sakol Energy
If you would invest 0.00 in Sakol Energy Public on September 22, 2024 and sell it today you would earn a total of 0.00 from holding Sakol Energy Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
PTT OIL RETAIL vs. Sakol Energy Public
Performance |
| Timeline |
| PTT OIL RETAIL |
| Sakol Energy Public |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PTT OIL and Sakol Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT OIL and Sakol Energy
The main advantage of trading using opposite PTT OIL and Sakol Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT OIL position performs unexpectedly, Sakol Energy 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 Sakol Energy will offset losses from the drop in Sakol Energy's long position.| PTT OIL vs. PTT Public | PTT OIL vs. CP ALL Public | PTT OIL vs. Kasikornbank Public | PTT OIL vs. Airports of Thailand |
| Sakol Energy vs. Siamgas and Petrochemicals | Sakol Energy vs. Star Petroleum Refining | Sakol Energy vs. PTG Energy PCL | Sakol Energy vs. IRPC 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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