Correlation Between Kasikornbank Public and Newcity Public
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By analyzing existing cross correlation between Kasikornbank Public and Newcity Public, you can compare the effects of market volatilities on Kasikornbank Public and Newcity 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 Kasikornbank Public with a short position of Newcity Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and Newcity Public.
Diversification Opportunities for Kasikornbank Public and Newcity Public
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kasikornbank and Newcity is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and Newcity Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Newcity Public 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 Newcity Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Newcity Public has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and Newcity Public go up and down completely randomly.
Pair Corralation between Kasikornbank Public and Newcity Public
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.12 times more return on investment than Newcity Public. However, Kasikornbank Public is 8.06 times less risky than Newcity Public. It trades about 0.02 of its potential returns per unit of risk. Newcity Public is currently generating about -0.06 per unit of risk. If you would invest 14,900 in Kasikornbank Public on August 28, 2024 and sell it today you would earn a total of 50.00 from holding Kasikornbank Public or generate 0.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kasikornbank Public vs. Newcity Public
Performance |
| Timeline |
| Kasikornbank Public |
| Newcity Public |
Kasikornbank Public and Newcity Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kasikornbank Public and Newcity Public
The main advantage of trading using opposite Kasikornbank Public and Newcity Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, Newcity 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 Newcity Public will offset losses from the drop in Newcity Public'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 |
| Newcity Public vs. SCB X Public | Newcity Public vs. Kasikornbank Public | Newcity Public vs. PTT Public | Newcity Public 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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