Correlation Between Thai Beverage and ORACLE
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By analyzing existing cross correlation between Thai Beverage PCL and ORACLE PORATION, you can compare the effects of market volatilities on Thai Beverage and ORACLE 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 ORACLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Beverage and ORACLE.
Diversification Opportunities for Thai Beverage and ORACLE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Thai and ORACLE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thai Beverage PCL and ORACLE PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ORACLE PORATION 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 ORACLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ORACLE PORATION has no effect on the direction of Thai Beverage i.e., Thai Beverage and ORACLE go up and down completely randomly.
Pair Corralation between Thai Beverage and ORACLE
Assuming the 90 days horizon Thai Beverage PCL is expected to under-perform the ORACLE. In addition to that, Thai Beverage is 1.23 times more volatile than ORACLE PORATION. It trades about -0.05 of its total potential returns per unit of risk. ORACLE PORATION is currently generating about -0.03 per unit of volatility. If you would invest 7,673 in ORACLE PORATION on September 3, 2024 and sell it today you would lose (423.00) from holding ORACLE PORATION or give up 5.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.22% |
| Values | Daily Returns |
Thai Beverage PCL vs. ORACLE PORATION
Performance |
| Timeline |
| Thai Beverage PCL |
| ORACLE PORATION |
Thai Beverage and ORACLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Beverage and ORACLE
The main advantage of trading using opposite Thai Beverage and ORACLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Beverage position performs unexpectedly, ORACLE 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 ORACLE will offset losses from the drop in ORACLE's long position.| Thai Beverage vs. Andrew Peller Limited | Thai Beverage vs. Aristocrat Group Corp | Thai Beverage vs. Iconic Brands | Thai Beverage vs. Naked Wines 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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