Correlation Between PTT Exploration and Nonthavej Hospital
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By analyzing existing cross correlation between PTT Exploration and and Nonthavej Hospital Public, you can compare the effects of market volatilities on PTT Exploration and Nonthavej 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 Nonthavej Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Exploration and Nonthavej Hospital.
Diversification Opportunities for PTT Exploration and Nonthavej Hospital
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between PTT and Nonthavej is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding PTT Exploration and and Nonthavej Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nonthavej 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 Nonthavej Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nonthavej Hospital Public has no effect on the direction of PTT Exploration i.e., PTT Exploration and Nonthavej Hospital go up and down completely randomly.
Pair Corralation between PTT Exploration and Nonthavej Hospital
Assuming the 90 days trading horizon PTT Exploration and is expected to under-perform the Nonthavej Hospital. In addition to that, PTT Exploration is 4.44 times more volatile than Nonthavej Hospital Public. It trades about -0.21 of its total potential returns per unit of risk. Nonthavej Hospital Public is currently generating about 0.0 per unit of volatility. If you would invest 3,125 in Nonthavej Hospital Public on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Nonthavej Hospital Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PTT Exploration and vs. Nonthavej Hospital Public
Performance |
| Timeline |
| PTT Exploration |
| Nonthavej Hospital Public |
PTT Exploration and Nonthavej Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Exploration and Nonthavej Hospital
The main advantage of trading using opposite PTT Exploration and Nonthavej Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Exploration position performs unexpectedly, Nonthavej 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 Nonthavej Hospital will offset losses from the drop in Nonthavej 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 |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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