Correlation Between CP ALL and Leo Global
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By analyzing existing cross correlation between CP ALL Public and Leo Global Logistics, you can compare the effects of market volatilities on CP ALL and Leo 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 CP ALL with a short position of Leo Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of CP ALL and Leo Global.
Diversification Opportunities for CP ALL and Leo Global
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CPALL-R and Leo is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding CP ALL Public and Leo Global Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Leo Global Logistics 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 Leo Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Leo Global Logistics has no effect on the direction of CP ALL i.e., CP ALL and Leo Global go up and down completely randomly.
Pair Corralation between CP ALL and Leo Global
Assuming the 90 days trading horizon CP ALL Public is expected to generate 0.57 times more return on investment than Leo Global. However, CP ALL Public is 1.76 times less risky than Leo Global. It trades about -0.02 of its potential returns per unit of risk. Leo Global Logistics is currently generating about -0.11 per unit of risk. If you would invest 6,581 in CP ALL Public on October 5, 2024 and sell it today you would lose (1,006) from holding CP ALL Public or give up 15.29% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
CP ALL Public vs. Leo Global Logistics
Performance |
Timeline |
CP ALL Public |
Leo Global Logistics |
CP ALL and Leo Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CP ALL and Leo Global
The main advantage of trading using opposite CP ALL and Leo Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CP ALL position performs unexpectedly, Leo 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 Leo Global will offset losses from the drop in Leo Global'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 |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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