Correlation Between NSL Foods and Kasikornbank Public
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By analyzing existing cross correlation between NSL Foods Public and Kasikornbank Public, you can compare the effects of market volatilities on NSL Foods and Kasikornbank 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 NSL Foods with a short position of Kasikornbank Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of NSL Foods and Kasikornbank Public.
Diversification Opportunities for NSL Foods and Kasikornbank Public
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between NSL and Kasikornbank is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding NSL Foods Public and Kasikornbank Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kasikornbank Public and NSL Foods 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 NSL Foods Public are associated (or correlated) with Kasikornbank Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kasikornbank Public has no effect on the direction of NSL Foods i.e., NSL Foods and Kasikornbank Public go up and down completely randomly.
Pair Corralation between NSL Foods and Kasikornbank Public
Assuming the 90 days trading horizon NSL Foods is expected to generate 2.88 times less return on investment than Kasikornbank Public. In addition to that, NSL Foods is 2.36 times more volatile than Kasikornbank Public. It trades about 0.02 of its total potential returns per unit of risk. Kasikornbank Public is currently generating about 0.1 per unit of volatility. 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 |
NSL Foods Public vs. Kasikornbank Public
Performance |
| Timeline |
| NSL Foods Public |
| Kasikornbank Public |
NSL Foods and Kasikornbank Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NSL Foods and Kasikornbank Public
The main advantage of trading using opposite NSL Foods and Kasikornbank Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NSL Foods position performs unexpectedly, Kasikornbank 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 Kasikornbank Public will offset losses from the drop in Kasikornbank Public's long position.| NSL Foods vs. Mega Lifesciences Public | NSL Foods vs. Com7 PCL | NSL Foods vs. Thai Union Group | NSL Foods vs. Jay Mart Public |
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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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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