Correlation Between Axcelis Technologies and PTT Global
Can any of the company-specific risk be diversified away by investing in both Axcelis Technologies and PTT Global 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 Axcelis Technologies and PTT Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Axcelis Technologies and PTT Global Chemical, you can compare the effects of market volatilities on Axcelis Technologies and PTT Global 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 Axcelis Technologies with a short position of PTT Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axcelis Technologies and PTT Global.
Diversification Opportunities for Axcelis Technologies and PTT Global
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Axcelis and PTT is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Axcelis Technologies and PTT Global Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTT Global Chemical and Axcelis Technologies 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 Axcelis Technologies are associated (or correlated) with PTT Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTT Global Chemical has no effect on the direction of Axcelis Technologies i.e., Axcelis Technologies and PTT Global go up and down completely randomly.
Pair Corralation between Axcelis Technologies and PTT Global
Assuming the 90 days trading horizon Axcelis Technologies is expected to under-perform the PTT Global. But the stock apears to be less risky and, when comparing its historical volatility, Axcelis Technologies is 1.04 times less risky than PTT Global. The stock trades about -0.04 of its potential returns per unit of risk. The PTT Global Chemical is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 96.00 in PTT Global Chemical on January 16, 2025 and sell it today you would lose (58.00) from holding PTT Global Chemical or give up 60.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.8% |
| Values | Daily Returns |
Axcelis Technologies vs. PTT Global Chemical
Performance |
| Timeline |
| Axcelis Technologies |
| PTT Global Chemical |
Axcelis Technologies and PTT Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axcelis Technologies and PTT Global
The main advantage of trading using opposite Axcelis Technologies and PTT Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axcelis Technologies position performs unexpectedly, PTT Global 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 PTT Global will offset losses from the drop in PTT Global's long position.| Axcelis Technologies vs. Apple Inc | Axcelis Technologies vs. Apple Inc | Axcelis Technologies vs. Apple Inc | Axcelis Technologies vs. Apple Inc |
| PTT Global vs. BIOCURE TECHNOLOGY INC | PTT Global vs. Check Point Software | PTT Global vs. DIVERSIFIED ROYALTY | PTT Global vs. PennyMac Mortgage Investment |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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