Correlation Between Kasikornbank Public and Wyncoast Industrial
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By analyzing existing cross correlation between Kasikornbank Public and Wyncoast Industrial Park, you can compare the effects of market volatilities on Kasikornbank Public and Wyncoast Industrial 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 Kasikornbank Public with a short position of Wyncoast Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and Wyncoast Industrial.
Diversification Opportunities for Kasikornbank Public and Wyncoast Industrial
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kasikornbank and Wyncoast is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and Wyncoast Industrial Park in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wyncoast Industrial Park and Kasikornbank Public 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 Kasikornbank Public are associated (or correlated) with Wyncoast Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wyncoast Industrial Park has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and Wyncoast Industrial go up and down completely randomly.
Pair Corralation between Kasikornbank Public and Wyncoast Industrial
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.39 times more return on investment than Wyncoast Industrial. However, Kasikornbank Public is 2.56 times less risky than Wyncoast Industrial. It trades about -0.04 of its potential returns per unit of risk. Wyncoast Industrial Park is currently generating about -0.19 per unit of risk. If you would invest 15,650 in Kasikornbank Public on September 24, 2024 and sell it today you would lose (400.00) from holding Kasikornbank Public or give up 2.56% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kasikornbank Public vs. Wyncoast Industrial Park
Performance |
Timeline |
Kasikornbank Public |
Wyncoast Industrial Park |
Kasikornbank Public and Wyncoast Industrial Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kasikornbank Public and Wyncoast Industrial
The main advantage of trading using opposite Kasikornbank Public and Wyncoast Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, Wyncoast Industrial 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 Wyncoast Industrial will offset losses from the drop in Wyncoast Industrial's long position.Kasikornbank Public vs. PTT Public | Kasikornbank Public vs. The Siam Commercial | Kasikornbank Public vs. CP ALL Public | Kasikornbank Public vs. SCB X 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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