Correlation Between Thai Poly and Thai OPP
Can any of the company-specific risk be diversified away by investing in both Thai Poly and Thai OPP at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Thai Poly and Thai OPP into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thai Poly Acrylic and Thai OPP Public, you can compare the effects of market volatilities on Thai Poly and Thai OPP 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 Poly with a short position of Thai OPP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thai Poly and Thai OPP.
Diversification Opportunities for Thai Poly and Thai OPP
Pay attention - limited upside
The 3 months correlation between Thai and Thai is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Thai Poly Acrylic and Thai OPP Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thai OPP Public and Thai Poly 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 Poly Acrylic are associated (or correlated) with Thai OPP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thai OPP Public has no effect on the direction of Thai Poly i.e., Thai Poly and Thai OPP go up and down completely randomly.
Pair Corralation between Thai Poly and Thai OPP
If you would invest 0.00 in Thai Poly Acrylic on January 10, 2025 and sell it today you would earn a total of 0.00 from holding Thai Poly Acrylic or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Thai Poly Acrylic vs. Thai OPP Public
Performance |
| Timeline |
| Thai Poly Acrylic |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Thai OPP Public |
Thai Poly and Thai OPP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thai Poly and Thai OPP
The main advantage of trading using opposite Thai Poly and Thai OPP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thai Poly position performs unexpectedly, Thai OPP 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 Thai OPP will offset losses from the drop in Thai OPP's long position.| Thai Poly vs. Thai Metal Drum | Thai Poly vs. Thantawan Industry Public | Thai Poly vs. Univanich Palm Oil | Thai Poly vs. Union Plastic Public |
| Thai OPP vs. JKN Global Media | Thai OPP vs. Siri Prime Office | Thai OPP vs. Bhiraj Office Leasehold | Thai OPP vs. Bangkok Sheet Metal |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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