Correlation Between Internet Thailand and Kiatnakin Phatra
Can any of the company-specific risk be diversified away by investing in both Internet Thailand and Kiatnakin Phatra 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 Internet Thailand and Kiatnakin Phatra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Internet Thailand Public and Kiatnakin Phatra Bank, you can compare the effects of market volatilities on Internet Thailand and Kiatnakin Phatra 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 Internet Thailand with a short position of Kiatnakin Phatra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Internet Thailand and Kiatnakin Phatra.
Diversification Opportunities for Internet Thailand and Kiatnakin Phatra
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Internet and Kiatnakin is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Internet Thailand Public and Kiatnakin Phatra Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kiatnakin Phatra Bank and Internet Thailand 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 Internet Thailand Public are associated (or correlated) with Kiatnakin Phatra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kiatnakin Phatra Bank has no effect on the direction of Internet Thailand i.e., Internet Thailand and Kiatnakin Phatra go up and down completely randomly.
Pair Corralation between Internet Thailand and Kiatnakin Phatra
Assuming the 90 days trading horizon Internet Thailand Public is expected to generate 2.94 times more return on investment than Kiatnakin Phatra. However, Internet Thailand is 2.94 times more volatile than Kiatnakin Phatra Bank. It trades about 0.07 of its potential returns per unit of risk. Kiatnakin Phatra Bank is currently generating about 0.1 per unit of risk. If you would invest 442.00 in Internet Thailand Public on November 2, 2024 and sell it today you would earn a total of 113.00 from holding Internet Thailand Public or generate 25.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Internet Thailand Public vs. Kiatnakin Phatra Bank
Performance |
| Timeline |
| Internet Thailand Public |
| Kiatnakin Phatra Bank |
Internet Thailand and Kiatnakin Phatra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Internet Thailand and Kiatnakin Phatra
The main advantage of trading using opposite Internet Thailand and Kiatnakin Phatra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Internet Thailand position performs unexpectedly, Kiatnakin Phatra 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 Kiatnakin Phatra will offset losses from the drop in Kiatnakin Phatra's long position.| Internet Thailand vs. Jasmine International Public | Internet Thailand vs. Hana Microelectronics Public | Internet Thailand vs. AP Public | Internet Thailand vs. KCE Electronics Public |
| Kiatnakin Phatra vs. TISCO Financial Group | Kiatnakin Phatra vs. Kasikornbank Public | Kiatnakin Phatra vs. Thanachart Capital Public | Kiatnakin Phatra vs. SCB X Public |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |