Correlation Between PTT Exploration and Thai Union
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By analyzing existing cross correlation between PTT Exploration and and Thai Union Group, you can compare the effects of market volatilities on PTT Exploration and Thai Union 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 Union. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Exploration and Thai Union.
Diversification Opportunities for PTT Exploration and Thai Union
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between PTT and Thai is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding PTT Exploration and and Thai Union Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai Union Group 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 Union. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai Union Group has no effect on the direction of PTT Exploration i.e., PTT Exploration and Thai Union go up and down completely randomly.
Pair Corralation between PTT Exploration and Thai Union
Assuming the 90 days trading horizon PTT Exploration and is expected to generate 1.0 times more return on investment than Thai Union. However, PTT Exploration and is 1.0 times less risky than Thai Union. It trades about 0.06 of its potential returns per unit of risk. Thai Union Group is currently generating about 0.06 per unit of risk. If you would invest 18,917 in PTT Exploration and on August 28, 2024 and sell it today you would lose (5,967) from holding PTT Exploration and or give up 31.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.78% |
| Values | Daily Returns |
PTT Exploration and vs. Thai Union Group
Performance |
| Timeline |
| PTT Exploration |
| Thai Union Group |
PTT Exploration and Thai Union Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Exploration and Thai Union
The main advantage of trading using opposite PTT Exploration and Thai Union positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Exploration position performs unexpectedly, Thai Union 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 Union will offset losses from the drop in Thai Union'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 Union vs. Chamni Eye PCL | Thai Union vs. Siam Global House | Thai Union vs. The Erawan Group | Thai Union vs. Ditto 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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