Correlation Between Kasikornbank Public and NSL Foods
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By analyzing existing cross correlation between Kasikornbank Public and NSL Foods Public, you can compare the effects of market volatilities on Kasikornbank Public and NSL Foods 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 NSL Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and NSL Foods.
Diversification Opportunities for Kasikornbank Public and NSL Foods
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kasikornbank and NSL is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and NSL Foods Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSL Foods 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 NSL Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSL Foods Public has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and NSL Foods go up and down completely randomly.
Pair Corralation between Kasikornbank Public and NSL Foods
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.42 times more return on investment than NSL Foods. However, Kasikornbank Public is 2.36 times less risky than NSL Foods. It trades about 0.1 of its potential returns per unit of risk. NSL Foods Public is currently generating about 0.02 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 | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kasikornbank Public vs. NSL Foods Public
Performance |
| Timeline |
| Kasikornbank Public |
| NSL Foods Public |
Kasikornbank Public and NSL Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kasikornbank Public and NSL Foods
The main advantage of trading using opposite Kasikornbank Public and NSL Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, NSL Foods 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 NSL Foods will offset losses from the drop in NSL Foods' 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 |
| NSL Foods vs. Mega Lifesciences Public | NSL Foods vs. Com7 PCL | NSL Foods vs. Thai Union Group | NSL Foods vs. Jay Mart 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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