Correlation Between CP ALL and Prinsiri Public
Specify exactly 2 symbols:
By analyzing existing cross correlation between CP ALL Public and Prinsiri Public, you can compare the effects of market volatilities on CP ALL and Prinsiri Public 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 CP ALL with a short position of Prinsiri Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Prinsiri Public.
Diversification Opportunities for CP ALL and Prinsiri Public
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CPALL-R and Prinsiri is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Prinsiri Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prinsiri Public and CP ALL 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 CP ALL Public are associated (or correlated) with Prinsiri Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prinsiri Public has no effect on the direction of CP ALL i.e., CP ALL and Prinsiri Public go up and down completely randomly.
Pair Corralation between CP ALL and Prinsiri Public
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.54 times more return on investment than Prinsiri Public. However, CP ALL Public is 1.84 times less risky than Prinsiri Public. It trades about -0.22 of its potential returns per unit of risk. Prinsiri Public is currently generating about -0.16 per unit of risk. If you would invest 6,575 in CP ALL Public on September 24, 2024 and sell it today you would lose (1,225) from holding CP ALL Public or give up 18.63% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
CP ALL Public vs. Prinsiri Public
Performance |
Timeline |
CP ALL Public |
Prinsiri Public |
CP ALL and Prinsiri Public Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CP ALL and Prinsiri Public
The main advantage of trading using opposite CP ALL and Prinsiri Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Prinsiri Public 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 Prinsiri Public will offset losses from the drop in Prinsiri Public's long position.CP ALL vs. Airports of Thailand | CP ALL vs. CP ALL Public | CP ALL vs. Charoen Pokphand Foods | CP ALL vs. Bangkok Dusit Medical |
Prinsiri Public vs. Siri Prime Office | Prinsiri Public vs. Lalin Property Public | Prinsiri Public vs. SC Asset | Prinsiri Public vs. LPN Development 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Transaction History View history of all your transactions and understand their impact on performance | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |