Correlation Between Kingfa Science and ICICI Bank
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By analyzing existing cross correlation between Kingfa Science Technology and ICICI Bank Limited, you can compare the effects of market volatilities on Kingfa Science and ICICI Bank 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 Kingfa Science with a short position of ICICI Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and ICICI Bank.
Diversification Opportunities for Kingfa Science and ICICI Bank
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kingfa and ICICI is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and ICICI Bank Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICICI Bank Limited and Kingfa Science 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 Kingfa Science Technology are associated (or correlated) with ICICI Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICICI Bank Limited has no effect on the direction of Kingfa Science i.e., Kingfa Science and ICICI Bank go up and down completely randomly.
Pair Corralation between Kingfa Science and ICICI Bank
Assuming the 90 days trading horizon Kingfa Science Technology is expected to under-perform the ICICI Bank. In addition to that, Kingfa Science is 3.58 times more volatile than ICICI Bank Limited. It trades about -0.13 of its total potential returns per unit of risk. ICICI Bank Limited is currently generating about -0.04 per unit of volatility. If you would invest 126,600 in ICICI Bank Limited on November 6, 2024 and sell it today you would lose (1,300) from holding ICICI Bank Limited or give up 1.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. ICICI Bank Limited
Performance |
| Timeline |
| Kingfa Science Technology |
| ICICI Bank Limited |
Kingfa Science and ICICI Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and ICICI Bank
The main advantage of trading using opposite Kingfa Science and ICICI Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, ICICI Bank 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 ICICI Bank will offset losses from the drop in ICICI Bank's long position.| Kingfa Science vs. Tata Investment | Kingfa Science vs. Network18 Media Investments | Kingfa Science vs. Bigbloc Construction Limited | Kingfa Science vs. Bajaj Holdings Investment |
| ICICI Bank vs. Prakash Steelage Limited | ICICI Bank vs. MIC Electronics Limited | ICICI Bank vs. SAL Steel Limited | ICICI Bank vs. NMDC Steel Limited |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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