Correlation Between Kasikornbank Public and Eureka Design
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By analyzing existing cross correlation between Kasikornbank Public and Eureka Design Public, you can compare the effects of market volatilities on Kasikornbank Public and Eureka Design 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 Eureka Design. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and Eureka Design.
Diversification Opportunities for Kasikornbank Public and Eureka Design
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kasikornbank and Eureka is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and Eureka Design Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eureka Design 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 Eureka Design. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eureka Design Public has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and Eureka Design go up and down completely randomly.
Pair Corralation between Kasikornbank Public and Eureka Design
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.17 times more return on investment than Eureka Design. However, Kasikornbank Public is 5.76 times less risky than Eureka Design. It trades about 0.25 of its potential returns per unit of risk. Eureka Design Public is currently generating about -0.01 per unit of risk. If you would invest 15,400 in Kasikornbank Public on October 20, 2024 and sell it today you would earn a total of 700.00 from holding Kasikornbank Public or generate 4.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kasikornbank Public vs. Eureka Design Public
Performance |
| Timeline |
| Kasikornbank Public |
| Eureka Design Public |
Kasikornbank Public and Eureka Design Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kasikornbank Public and Eureka Design
The main advantage of trading using opposite Kasikornbank Public and Eureka Design positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, Eureka Design 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 Eureka Design will offset losses from the drop in Eureka Design'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 |
| Eureka Design vs. PTT Public | Eureka Design vs. Kasikornbank Public | Eureka Design vs. The Siam Cement | Eureka Design vs. OSOTSPA PCL NVDR |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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