Correlation Between PTT Global and Bhiraj Office
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By analyzing existing cross correlation between PTT Global Chemical and Bhiraj Office Leasehold, you can compare the effects of market volatilities on PTT Global and Bhiraj Office 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 Global with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Global and Bhiraj Office.
Diversification Opportunities for PTT Global and Bhiraj Office
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between PTT and Bhiraj is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding PTT Global Chemical and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and PTT Global 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 Global Chemical are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of PTT Global i.e., PTT Global and Bhiraj Office go up and down completely randomly.
Pair Corralation between PTT Global and Bhiraj Office
Assuming the 90 days trading horizon PTT Global Chemical is expected to under-perform the Bhiraj Office. In addition to that, PTT Global is 2.08 times more volatile than Bhiraj Office Leasehold. It trades about -0.07 of its total potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about 0.12 per unit of volatility. If you would invest 476.00 in Bhiraj Office Leasehold on September 15, 2024 and sell it today you would earn a total of 49.00 from holding Bhiraj Office Leasehold or generate 10.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
PTT Global Chemical vs. Bhiraj Office Leasehold
Performance |
Timeline |
PTT Global Chemical |
Bhiraj Office Leasehold |
PTT Global and Bhiraj Office Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with PTT Global and Bhiraj Office
The main advantage of trading using opposite PTT Global and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Global position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.PTT Global vs. PTT Public | PTT Global vs. PTT Exploration and | PTT Global vs. The Siam Cement | PTT Global vs. CP ALL Public |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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