Correlation Between Thaifoods Group and CP ALL
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By analyzing existing cross correlation between Thaifoods Group Public and CP ALL Public, you can compare the effects of market volatilities on Thaifoods Group and CP ALL 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 Thaifoods Group with a short position of CP ALL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thaifoods Group and CP ALL.
Diversification Opportunities for Thaifoods Group and CP ALL
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Thaifoods and CPALL-R is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Thaifoods Group Public and CP ALL Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CP ALL Public and Thaifoods Group 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 Thaifoods Group Public are associated (or correlated) with CP ALL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CP ALL Public has no effect on the direction of Thaifoods Group i.e., Thaifoods Group and CP ALL go up and down completely randomly.
Pair Corralation between Thaifoods Group and CP ALL
Assuming the 90 days trading horizon Thaifoods Group Public is expected to under-perform the CP ALL. In addition to that, Thaifoods Group is 2.54 times more volatile than CP ALL Public. It trades about -0.22 of its total potential returns per unit of risk. CP ALL Public is currently generating about 0.01 per unit of volatility. If you would invest 6,300 in CP ALL Public on September 13, 2024 and sell it today you would earn a total of 0.00 from holding CP ALL Public or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thaifoods Group Public vs. CP ALL Public
Performance |
| Timeline |
| Thaifoods Group Public |
| CP ALL Public |
Thaifoods Group and CP ALL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thaifoods Group and CP ALL
The main advantage of trading using opposite Thaifoods Group and CP ALL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thaifoods Group position performs unexpectedly, CP ALL 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 CP ALL will offset losses from the drop in CP ALL's long position.| Thaifoods Group vs. CP ALL Public | Thaifoods Group vs. The Siam Cement | Thaifoods Group vs. OSOTSPA PCL NVDR | Thaifoods Group vs. The Siam Commercial |
| CP ALL vs. Airports of Thailand | CP ALL vs. CP ALL Public | CP ALL vs. Charoen Pokphand Foods | CP ALL vs. Bangkok Dusit Medical |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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