Correlation Between PTT Global and Avis Budget
Can any of the company-specific risk be diversified away by investing in both PTT Global and Avis Budget 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 Global and Avis Budget into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PTT Global Chemical and Avis Budget Group, you can compare the effects of market volatilities on PTT Global and Avis Budget 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 Avis Budget. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTT Global and Avis Budget.
Diversification Opportunities for PTT Global and Avis Budget
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PTT and Avis is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding PTT Global Chemical and Avis Budget Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Avis Budget Group 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 Avis Budget. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Avis Budget Group has no effect on the direction of PTT Global i.e., PTT Global and Avis Budget go up and down completely randomly.
Pair Corralation between PTT Global and Avis Budget
Assuming the 90 days trading horizon PTT Global Chemical is expected to generate 1.03 times more return on investment than Avis Budget. However, PTT Global is 1.03 times more volatile than Avis Budget Group. It trades about 0.11 of its potential returns per unit of risk. Avis Budget Group is currently generating about -0.11 per unit of risk. If you would invest 51.00 in PTT Global Chemical on July 12, 2025 and sell it today you would earn a total of 11.00 from holding PTT Global Chemical or generate 21.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PTT Global Chemical vs. Avis Budget Group
Performance |
| Timeline |
| PTT Global Chemical |
| Avis Budget Group |
PTT Global and Avis Budget Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PTT Global and Avis Budget
The main advantage of trading using opposite PTT Global and Avis Budget positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTT Global position performs unexpectedly, Avis Budget 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 Avis Budget will offset losses from the drop in Avis Budget's long position.| PTT Global vs. Global Ship Lease | PTT Global vs. Sixt Leasing SE | PTT Global vs. CENTURIA OFFICE REIT | PTT Global vs. KENEDIX OFFICE INV |
| Avis Budget vs. Sotherly Hotels | Avis Budget vs. COMBA TELECOM SYST | Avis Budget vs. Xenia Hotels Resorts | Avis Budget vs. COMTECH TELECOMM |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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