Correlation Between Thai Beverage and ONEOK
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By analyzing existing cross correlation between Thai Beverage PCL and ONEOK INC NEW, you can compare the effects of market volatilities on Thai Beverage and ONEOK 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 Thai Beverage with a short position of ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Beverage and ONEOK.
Diversification Opportunities for Thai Beverage and ONEOK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Thai and ONEOK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thai Beverage PCL and ONEOK INC NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK INC NEW and Thai Beverage 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 Thai Beverage PCL are associated (or correlated) with ONEOK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONEOK INC NEW has no effect on the direction of Thai Beverage i.e., Thai Beverage and ONEOK go up and down completely randomly.
Pair Corralation between Thai Beverage and ONEOK
Assuming the 90 days horizon Thai Beverage PCL is expected to under-perform the ONEOK. But the pink sheet apears to be less risky and, when comparing its historical volatility, Thai Beverage PCL is 24.48 times less risky than ONEOK. The pink sheet trades about -0.06 of its potential returns per unit of risk. The ONEOK INC NEW is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 8,982 in ONEOK INC NEW on September 4, 2024 and sell it today you would lose (570.00) from holding ONEOK INC NEW or give up 6.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 66.74% |
| Values | Daily Returns |
Thai Beverage PCL vs. ONEOK INC NEW
Performance |
| Timeline |
| Thai Beverage PCL |
| ONEOK INC NEW |
Thai Beverage and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Beverage and ONEOK
The main advantage of trading using opposite Thai Beverage and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Beverage position performs unexpectedly, ONEOK 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 ONEOK will offset losses from the drop in ONEOK's long position.| Thai Beverage vs. Diageo PLC ADR | Thai Beverage vs. Constellation Brands Class | Thai Beverage vs. Brown Forman | Thai Beverage vs. Davide Campari Milano NV |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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