Correlation Between Banka BioLoo and Kingfa Science
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By analyzing existing cross correlation between Banka BioLoo Limited and Kingfa Science Technology, you can compare the effects of market volatilities on Banka BioLoo and Kingfa Science 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 Banka BioLoo with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Banka BioLoo and Kingfa Science.
Diversification Opportunities for Banka BioLoo and Kingfa Science
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Banka and Kingfa is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Banka BioLoo Limited and Kingfa Science Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingfa Science Technology and Banka BioLoo 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 Banka BioLoo Limited are associated (or correlated) with Kingfa Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingfa Science Technology has no effect on the direction of Banka BioLoo i.e., Banka BioLoo and Kingfa Science go up and down completely randomly.
Pair Corralation between Banka BioLoo and Kingfa Science
Assuming the 90 days trading horizon Banka BioLoo Limited is expected to under-perform the Kingfa Science. In addition to that, Banka BioLoo is 1.13 times more volatile than Kingfa Science Technology. It trades about -0.2 of its total potential returns per unit of risk. Kingfa Science Technology is currently generating about 0.19 per unit of volatility. If you would invest 299,240 in Kingfa Science Technology on September 13, 2024 and sell it today you would earn a total of 26,665 from holding Kingfa Science Technology or generate 8.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Banka BioLoo Limited vs. Kingfa Science Technology
Performance |
| Timeline |
| Banka BioLoo Limited |
| Kingfa Science Technology |
Banka BioLoo and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Banka BioLoo and Kingfa Science
The main advantage of trading using opposite Banka BioLoo and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Banka BioLoo position performs unexpectedly, Kingfa Science 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 Kingfa Science will offset losses from the drop in Kingfa Science's long position.| Banka BioLoo vs. Kingfa Science Technology | Banka BioLoo vs. Rico Auto Industries | Banka BioLoo vs. GACM Technologies Limited | Banka BioLoo vs. COSMO FIRST LIMITED |
| Kingfa Science vs. NMDC Limited | Kingfa Science vs. Steel Authority of | Kingfa Science vs. Embassy Office Parks | Kingfa Science vs. Gujarat Narmada Valley |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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