Correlation Between PTT Exploration and Rajthanee Hospital
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By analyzing existing cross correlation between PTT Exploration and and Rajthanee Hospital Public, you can compare the effects of market volatilities on PTT Exploration and Rajthanee 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 Rajthanee Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Exploration and Rajthanee Hospital.
Diversification Opportunities for PTT Exploration and Rajthanee Hospital
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between PTT and Rajthanee is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding PTT Exploration and and Rajthanee Hospital Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rajthanee 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 Rajthanee Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rajthanee Hospital Public has no effect on the direction of PTT Exploration i.e., PTT Exploration and Rajthanee Hospital go up and down completely randomly.
Pair Corralation between PTT Exploration and Rajthanee Hospital
Assuming the 90 days trading horizon PTT Exploration and is expected to under-perform the Rajthanee Hospital. In addition to that, PTT Exploration is 1.34 times more volatile than Rajthanee Hospital Public. It trades about -0.21 of its total potential returns per unit of risk. Rajthanee Hospital Public is currently generating about -0.06 per unit of volatility. If you would invest 2,380 in Rajthanee Hospital Public on August 30, 2024 and sell it today you would lose (110.00) from holding Rajthanee Hospital Public or give up 4.62% 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. Rajthanee Hospital Public
Performance |
| Timeline |
| PTT Exploration |
| Rajthanee Hospital Public |
PTT Exploration and Rajthanee Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Exploration and Rajthanee Hospital
The main advantage of trading using opposite PTT Exploration and Rajthanee Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Exploration position performs unexpectedly, Rajthanee 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 Rajthanee Hospital will offset losses from the drop in Rajthanee 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 |
| Rajthanee Hospital vs. Bangkok Chain Hospital | Rajthanee Hospital vs. Chularat Hospital Public | Rajthanee Hospital vs. Ratchaphruek Hospital Public | Rajthanee Hospital vs. Ekachai Medical Care |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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