Correlation Between Thaicom Public and Thaifoods Group
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By analyzing existing cross correlation between Thaicom Public and Thaifoods Group Public, you can compare the effects of market volatilities on Thaicom Public and Thaifoods Group 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 Thaifoods Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thaicom Public and Thaifoods Group.
Diversification Opportunities for Thaicom Public and Thaifoods Group
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thaicom and Thaifoods is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Thaicom Public and Thaifoods Group Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaifoods Group Public 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 Thaifoods Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaifoods Group Public has no effect on the direction of Thaicom Public i.e., Thaicom Public and Thaifoods Group go up and down completely randomly.
Pair Corralation between Thaicom Public and Thaifoods Group
Assuming the 90 days trading horizon Thaicom Public is expected to generate 35.69 times more return on investment than Thaifoods Group. However, Thaicom Public is 35.69 times more volatile than Thaifoods Group Public. It trades about 0.07 of its potential returns per unit of risk. Thaifoods Group Public is currently generating about 0.05 per unit of risk. If you would invest 1,238 in Thaicom Public on September 3, 2024 and sell it today you would earn a total of 52.00 from holding Thaicom Public or generate 4.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thaicom Public vs. Thaifoods Group Public
Performance |
| Timeline |
| Thaicom Public |
| Thaifoods Group Public |
Thaicom Public and Thaifoods Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thaicom Public and Thaifoods Group
The main advantage of trading using opposite Thaicom Public and Thaifoods Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thaicom Public position performs unexpectedly, Thaifoods Group 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 Thaifoods Group will offset losses from the drop in Thaifoods Group's long position.| Thaicom Public vs. Siam Technic Concrete | Thaicom Public vs. Warrix Sport PCL | Thaicom Public vs. Exotic Food Public | Thaicom Public vs. NAT ABSOLUTE TECHNOLOGIES |
| Thaifoods Group vs. GFPT Public | Thaifoods Group vs. Thai Union Group | Thaifoods Group vs. Taokaenoi Food Marketing | Thaifoods Group vs. Com7 PCL |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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