Correlation Between PTT Exploration and Thai Oil
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By analyzing existing cross correlation between PTT Exploration and and Thai Oil Public, you can compare the effects of market volatilities on PTT Exploration and Thai Oil 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 Thai Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Exploration and Thai Oil.
Diversification Opportunities for PTT Exploration and Thai Oil
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between PTT and Thai is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding PTT Exploration and and Thai Oil Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Oil 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 Thai Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Oil Public has no effect on the direction of PTT Exploration i.e., PTT Exploration and Thai Oil go up and down completely randomly.
Pair Corralation between PTT Exploration and Thai Oil
Assuming the 90 days trading horizon PTT Exploration and is expected to under-perform the Thai Oil. In addition to that, PTT Exploration is 1.09 times more volatile than Thai Oil Public. It trades about -0.22 of its total potential returns per unit of risk. Thai Oil Public is currently generating about -0.21 per unit of volatility. If you would invest 4,625 in Thai Oil Public on August 28, 2024 and sell it today you would lose (675.00) from holding Thai Oil Public or give up 14.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
PTT Exploration and vs. Thai Oil Public
Performance |
| Timeline |
| PTT Exploration |
| Thai Oil Public |
PTT Exploration and Thai Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Exploration and Thai Oil
The main advantage of trading using opposite PTT Exploration and Thai Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Exploration position performs unexpectedly, Thai Oil 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 Thai Oil will offset losses from the drop in Thai Oil'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 |
| Thai Oil vs. Krung Thai Bank | Thai Oil vs. Thai Union Group | Thai Oil vs. PTT Public | Thai Oil vs. PTT Exploration and |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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