Correlation Between PTT OIL and Warrix Sport
Can any of the company-specific risk be diversified away by investing in both PTT OIL and Warrix Sport 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 Warrix Sport 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 Warrix Sport PCL, you can compare the effects of market volatilities on PTT OIL and Warrix Sport 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 Warrix Sport. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT OIL and Warrix Sport.
Diversification Opportunities for PTT OIL and Warrix Sport
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PTT and Warrix is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding PTT OIL RETAIL and Warrix Sport PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Warrix Sport PCL 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 Warrix Sport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Warrix Sport PCL has no effect on the direction of PTT OIL i.e., PTT OIL and Warrix Sport go up and down completely randomly.
Pair Corralation between PTT OIL and Warrix Sport
Assuming the 90 days trading horizon PTT OIL RETAIL is expected to generate 0.56 times more return on investment than Warrix Sport. However, PTT OIL RETAIL is 1.79 times less risky than Warrix Sport. It trades about -0.05 of its potential returns per unit of risk. Warrix Sport PCL is currently generating about -0.06 per unit of risk. If you would invest 2,134 in PTT OIL RETAIL on September 2, 2024 and sell it today you would lose (724.00) from holding PTT OIL RETAIL or give up 33.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PTT OIL RETAIL vs. Warrix Sport PCL
Performance |
| Timeline |
| PTT OIL RETAIL |
| Warrix Sport PCL |
PTT OIL and Warrix Sport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT OIL and Warrix Sport
The main advantage of trading using opposite PTT OIL and Warrix Sport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT OIL position performs unexpectedly, Warrix Sport 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 Warrix Sport will offset losses from the drop in Warrix Sport's long position.| PTT OIL vs. Star Petroleum Refining | PTT OIL vs. Power Solution Technologies | PTT OIL vs. Kingsmen CMTI Public | PTT OIL vs. Project Planning Service |
| Warrix Sport vs. Yggdrazil Group Public | Warrix Sport vs. Moshi Moshi Retail | Warrix Sport vs. The Erawan Group | Warrix Sport vs. Autocorp Holding 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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