Correlation Between Television Broadcasts and PTT Global
Can any of the company-specific risk be diversified away by investing in both Television Broadcasts and PTT Global at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Television Broadcasts and PTT Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Television Broadcasts Limited and PTT Global Chemical, you can compare the effects of market volatilities on Television Broadcasts and PTT Global 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 Television Broadcasts with a short position of PTT Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Television Broadcasts and PTT Global.
Diversification Opportunities for Television Broadcasts and PTT Global
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Television and PTT is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Television Broadcasts Limited and PTT Global Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTT Global Chemical and Television Broadcasts 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 Television Broadcasts Limited are associated (or correlated) with PTT Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTT Global Chemical has no effect on the direction of Television Broadcasts i.e., Television Broadcasts and PTT Global go up and down completely randomly.
Pair Corralation between Television Broadcasts and PTT Global
Assuming the 90 days trading horizon Television Broadcasts Limited is expected to generate 0.71 times more return on investment than PTT Global. However, Television Broadcasts Limited is 1.41 times less risky than PTT Global. It trades about 0.15 of its potential returns per unit of risk. PTT Global Chemical is currently generating about -0.33 per unit of risk. If you would invest 37.00 in Television Broadcasts Limited on November 4, 2024 and sell it today you would earn a total of 2.00 from holding Television Broadcasts Limited or generate 5.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Television Broadcasts Limited vs. PTT Global Chemical
Performance |
| Timeline |
| Television Broadcasts |
| PTT Global Chemical |
Television Broadcasts and PTT Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Television Broadcasts and PTT Global
The main advantage of trading using opposite Television Broadcasts and PTT Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Television Broadcasts position performs unexpectedly, PTT Global 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 PTT Global will offset losses from the drop in PTT Global's long position.| Television Broadcasts vs. DICKS Sporting Goods | Television Broadcasts vs. INTER CARS SA | Television Broadcasts vs. National Retail Properties | Television Broadcasts vs. FAST RETAIL ADR |
| PTT Global vs. SOGECLAIR SA INH | PTT Global vs. Delta Air Lines | PTT Global vs. ETFS Coffee ETC | PTT Global vs. Pentair plc |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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