Correlation Between CK Power and Bhiraj Office
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By analyzing existing cross correlation between CK Power Public and Bhiraj Office Leasehold, you can compare the effects of market volatilities on CK Power and Bhiraj Office 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 CK Power with a short position of Bhiraj Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of CK Power and Bhiraj Office.
Diversification Opportunities for CK Power and Bhiraj Office
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CKP and Bhiraj is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding CK Power Public and Bhiraj Office Leasehold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bhiraj Office Leasehold and CK Power 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 CK Power Public are associated (or correlated) with Bhiraj Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bhiraj Office Leasehold has no effect on the direction of CK Power i.e., CK Power and Bhiraj Office go up and down completely randomly.
Pair Corralation between CK Power and Bhiraj Office
Assuming the 90 days trading horizon CK Power Public is expected to under-perform the Bhiraj Office. In addition to that, CK Power is 7.57 times more volatile than Bhiraj Office Leasehold. It trades about -0.1 of its total potential returns per unit of risk. Bhiraj Office Leasehold is currently generating about -0.37 per unit of volatility. If you would invest 500.00 in Bhiraj Office Leasehold on November 27, 2024 and sell it today you would lose (14.00) from holding Bhiraj Office Leasehold or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CK Power Public vs. Bhiraj Office Leasehold
Performance |
| Timeline |
| CK Power Public |
| Bhiraj Office Leasehold |
CK Power and Bhiraj Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CK Power and Bhiraj Office
The main advantage of trading using opposite CK Power and Bhiraj Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CK Power position performs unexpectedly, Bhiraj Office 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 Bhiraj Office will offset losses from the drop in Bhiraj Office's long position.| CK Power vs. Energy Absolute Public | CK Power vs. BCPG Public | CK Power vs. Bangkok Expressway and | CK Power vs. Gulf Energy Development |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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