Correlation Between Superior Plus and Kasikornbank Public
Can any of the company-specific risk be diversified away by investing in both Superior Plus and Kasikornbank Public 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 Superior Plus and Kasikornbank Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Superior Plus Corp and Kasikornbank Public, you can compare the effects of market volatilities on Superior Plus and Kasikornbank 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 Superior Plus with a short position of Kasikornbank Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Superior Plus and Kasikornbank Public.
Diversification Opportunities for Superior Plus and Kasikornbank Public
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Superior and Kasikornbank is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Superior Plus Corp and Kasikornbank Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kasikornbank Public and Superior Plus 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 Superior Plus Corp are associated (or correlated) with Kasikornbank Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kasikornbank Public has no effect on the direction of Superior Plus i.e., Superior Plus and Kasikornbank Public go up and down completely randomly.
Pair Corralation between Superior Plus and Kasikornbank Public
Assuming the 90 days horizon Superior Plus is expected to generate 1.56 times less return on investment than Kasikornbank Public. In addition to that, Superior Plus is 5.99 times more volatile than Kasikornbank Public. It trades about 0.02 of its total potential returns per unit of risk. Kasikornbank Public is currently generating about 0.23 per unit of volatility. If you would invest 388.00 in Kasikornbank Public on September 3, 2024 and sell it today you would earn a total of 16.00 from holding Kasikornbank Public or generate 4.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Superior Plus Corp vs. Kasikornbank Public
Performance |
| Timeline |
| Superior Plus Corp |
| Kasikornbank Public |
Superior Plus and Kasikornbank Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Superior Plus and Kasikornbank Public
The main advantage of trading using opposite Superior Plus and Kasikornbank Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Superior Plus position performs unexpectedly, Kasikornbank 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 Kasikornbank Public will offset losses from the drop in Kasikornbank Public's long position.| Superior Plus vs. Collins Foods Limited | Superior Plus vs. Thai Beverage Public | Superior Plus vs. ADRIATIC METALS LS 013355 | Superior Plus vs. Lifeway Foods |
| Kasikornbank Public vs. Postal Savings Bank | Kasikornbank Public vs. CAIXABANK UNADR 13 | Kasikornbank Public vs. Superior Plus Corp | Kasikornbank Public vs. NMI Holdings |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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