Correlation Between PTT Exploration and Mahachai Hospital
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By analyzing existing cross correlation between PTT Exploration and and Mahachai Hospital Public, you can compare the effects of market volatilities on PTT Exploration and Mahachai Hospital 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 Exploration with a short position of Mahachai Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Exploration and Mahachai Hospital.
Diversification Opportunities for PTT Exploration and Mahachai Hospital
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between PTT and Mahachai is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding PTT Exploration and and Mahachai Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mahachai Hospital Public and PTT Exploration 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 Exploration and are associated (or correlated) with Mahachai Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mahachai Hospital Public has no effect on the direction of PTT Exploration i.e., PTT Exploration and Mahachai Hospital go up and down completely randomly.
Pair Corralation between PTT Exploration and Mahachai Hospital
Assuming the 90 days trading horizon PTT Exploration and is expected to generate 1.41 times more return on investment than Mahachai Hospital. However, PTT Exploration is 1.41 times more volatile than Mahachai Hospital Public. It trades about 0.11 of its potential returns per unit of risk. Mahachai Hospital Public is currently generating about 0.08 per unit of risk. If you would invest 15,471 in PTT Exploration and on September 1, 2024 and sell it today you would lose (2,721) from holding PTT Exploration and or give up 17.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PTT Exploration and vs. Mahachai Hospital Public
Performance |
| Timeline |
| PTT Exploration |
| Mahachai Hospital Public |
PTT Exploration and Mahachai Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Exploration and Mahachai Hospital
The main advantage of trading using opposite PTT Exploration and Mahachai Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Exploration position performs unexpectedly, Mahachai Hospital 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 Mahachai Hospital will offset losses from the drop in Mahachai Hospital's long position.| PTT Exploration vs. PTT Public | PTT Exploration vs. CP ALL Public | PTT Exploration vs. Airports of Thailand | PTT Exploration vs. PTT Exploration and |
| Mahachai Hospital vs. AP Public | Mahachai Hospital vs. Advanced Information Technology | Mahachai Hospital vs. AJ Plast Public | Mahachai Hospital vs. Berli Jucker 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 Stocks Directory module to find actively traded stocks across global markets.
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