Correlation Between Thaicom Public and CPN Commercial
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By analyzing existing cross correlation between Thaicom Public and CPN Commercial Growth, you can compare the effects of market volatilities on Thaicom Public and CPN Commercial 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 Thaicom Public with a short position of CPN Commercial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thaicom Public and CPN Commercial.
Diversification Opportunities for Thaicom Public and CPN Commercial
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thaicom and CPN is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Thaicom Public and CPN Commercial Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CPN Commercial Growth and Thaicom Public 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 Thaicom Public are associated (or correlated) with CPN Commercial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CPN Commercial Growth has no effect on the direction of Thaicom Public i.e., Thaicom Public and CPN Commercial go up and down completely randomly.
Pair Corralation between Thaicom Public and CPN Commercial
Assuming the 90 days trading horizon Thaicom Public is expected to generate 66.34 times more return on investment than CPN Commercial. However, Thaicom Public is 66.34 times more volatile than CPN Commercial Growth. It trades about 0.08 of its potential returns per unit of risk. CPN Commercial Growth is currently generating about 0.06 per unit of risk. If you would invest 1,238 in Thaicom Public on November 3, 2024 and sell it today you would lose (98.00) from holding Thaicom Public or give up 7.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thaicom Public vs. CPN Commercial Growth
Performance |
| Timeline |
| Thaicom Public |
| CPN Commercial Growth |
Thaicom Public and CPN Commercial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thaicom Public and CPN Commercial
The main advantage of trading using opposite Thaicom Public and CPN Commercial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thaicom Public position performs unexpectedly, CPN Commercial 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 CPN Commercial will offset losses from the drop in CPN Commercial's long position.| Thaicom Public vs. Ratchaphruek Hospital Public | Thaicom Public vs. Siam Wellness Group | Thaicom Public vs. Turnkey Communication Services | Thaicom Public vs. ALL ENERGY UTILITIES |
| CPN Commercial vs. Digital Telecommunications Infrastructure | CPN Commercial vs. Prime Office Leasehold | CPN Commercial vs. CPN Retail Growth | CPN Commercial vs. Dynasty Ceramic 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 CEOs Directory module to screen CEOs from public companies around the world.
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