Correlation Between Kasikornbank Public and PCS Machine
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kasikornbank Public and PCS Machine Group, you can compare the effects of market volatilities on Kasikornbank Public and PCS Machine 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 PCS Machine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and PCS Machine.
Diversification Opportunities for Kasikornbank Public and PCS Machine
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kasikornbank and PCS is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and PCS Machine Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PCS Machine Group 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 PCS Machine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PCS Machine Group has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and PCS Machine go up and down completely randomly.
Pair Corralation between Kasikornbank Public and PCS Machine
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.75 times more return on investment than PCS Machine. However, Kasikornbank Public is 1.33 times less risky than PCS Machine. It trades about 0.02 of its potential returns per unit of risk. PCS Machine Group is currently generating about -0.02 per unit of risk. If you would invest 14,900 in Kasikornbank Public on August 27, 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kasikornbank Public vs. PCS Machine Group
Performance |
| Timeline |
| Kasikornbank Public |
| PCS Machine Group |
Kasikornbank Public and PCS Machine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kasikornbank Public and PCS Machine
The main advantage of trading using opposite Kasikornbank Public and PCS Machine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, PCS Machine 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 PCS Machine will offset losses from the drop in PCS Machine's long position.| Kasikornbank Public vs. PTT Public | Kasikornbank Public vs. CP ALL Public | Kasikornbank Public vs. SCB X Public | Kasikornbank Public vs. Airports of Thailand |
| PCS Machine vs. SCB X Public | PCS Machine vs. Kasikornbank Public | PCS Machine vs. PTT Public | PCS Machine 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |