Correlation Between PTT Exploration and Bangkok Chain
Can any of the company-specific risk be diversified away by investing in both PTT Exploration and Bangkok Chain 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 PTT Exploration and Bangkok Chain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PTT Exploration and and Bangkok Chain Hospital, you can compare the effects of market volatilities on PTT Exploration and Bangkok Chain 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 PTT Exploration with a short position of Bangkok Chain. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Exploration and Bangkok Chain.
Diversification Opportunities for PTT Exploration and Bangkok Chain
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PTT and Bangkok is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding PTT Exploration and and Bangkok Chain Hospital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bangkok Chain Hospital and PTT Exploration 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 PTT Exploration and are associated (or correlated) with Bangkok Chain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bangkok Chain Hospital has no effect on the direction of PTT Exploration i.e., PTT Exploration and Bangkok Chain go up and down completely randomly.
Pair Corralation between PTT Exploration and Bangkok Chain
Assuming the 90 days trading horizon PTT Exploration and is expected to generate 1.05 times more return on investment than Bangkok Chain. However, PTT Exploration is 1.05 times more volatile than Bangkok Chain Hospital. It trades about 0.13 of its potential returns per unit of risk. Bangkok Chain Hospital is currently generating about -0.08 per unit of risk. If you would invest 15,100 in PTT Exploration and on February 1, 2024 and sell it today you would earn a total of 550.00 from holding PTT Exploration and or generate 3.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
PTT Exploration and vs. Bangkok Chain Hospital
Performance |
Timeline |
PTT Exploration |
Bangkok Chain Hospital |
PTT Exploration and Bangkok Chain Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with PTT Exploration and Bangkok Chain
The main advantage of trading using opposite PTT Exploration and Bangkok Chain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Exploration position performs unexpectedly, Bangkok Chain 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 Bangkok Chain will offset losses from the drop in Bangkok Chain's long position.PTT Exploration vs. The Siam Cement | PTT Exploration vs. SCB X Public | PTT Exploration vs. Airports of Thailand | PTT Exploration vs. Bangkok Bank Public |
Bangkok Chain vs. Bangkok Dusit Medical | Bangkok Chain vs. Chularat Hospital Public | Bangkok Chain vs. Bumrungrad Hospital Public | Bangkok Chain vs. Advanced Info Service |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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