Correlation Between Kasikornbank Public and Bank of Ayudhya
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By analyzing existing cross correlation between Kasikornbank Public and Bank of Ayudhya, you can compare the effects of market volatilities on Kasikornbank Public and Bank of Ayudhya 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 Bank of Ayudhya. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and Bank of Ayudhya.
Diversification Opportunities for Kasikornbank Public and Bank of Ayudhya
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kasikornbank and Bank is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and Bank of Ayudhya in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Ayudhya 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 Bank of Ayudhya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Ayudhya has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and Bank of Ayudhya go up and down completely randomly.
Pair Corralation between Kasikornbank Public and Bank of Ayudhya
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.78 times more return on investment than Bank of Ayudhya. However, Kasikornbank Public is 1.28 times less risky than Bank of Ayudhya. It trades about 0.1 of its potential returns per unit of risk. Bank of Ayudhya is currently generating about 0.0 per unit of risk. If you would invest 13,000 in Kasikornbank Public on September 1, 2024 and sell it today you would earn a total of 2,050 from holding Kasikornbank Public or generate 15.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kasikornbank Public vs. Bank of Ayudhya
Performance |
| Timeline |
| Kasikornbank Public |
| Bank of Ayudhya |
Kasikornbank Public and Bank of Ayudhya Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kasikornbank Public and Bank of Ayudhya
The main advantage of trading using opposite Kasikornbank Public and Bank of Ayudhya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, Bank of Ayudhya 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 Bank of Ayudhya will offset losses from the drop in Bank of Ayudhya'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 |
| Bank of Ayudhya vs. Bangkok Bank Public | Bank of Ayudhya vs. Krung Thai Bank | Bank of Ayudhya vs. SCB X Public | Bank of Ayudhya vs. Kasikornbank 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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