Correlation Between Kasikornbank Public and MAVEN WIRELESS
Can any of the company-specific risk be diversified away by investing in both Kasikornbank Public and MAVEN WIRELESS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Kasikornbank Public and MAVEN WIRELESS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kasikornbank Public and MAVEN WIRELESS SWEDEN, you can compare the effects of market volatilities on Kasikornbank Public and MAVEN WIRELESS 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 MAVEN WIRELESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and MAVEN WIRELESS.
Diversification Opportunities for Kasikornbank Public and MAVEN WIRELESS
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kasikornbank and MAVEN is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and MAVEN WIRELESS SWEDEN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAVEN WIRELESS SWEDEN 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 MAVEN WIRELESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAVEN WIRELESS SWEDEN has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and MAVEN WIRELESS go up and down completely randomly.
Pair Corralation between Kasikornbank Public and MAVEN WIRELESS
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 1.88 times more return on investment than MAVEN WIRELESS. However, Kasikornbank Public is 1.88 times more volatile than MAVEN WIRELESS SWEDEN. It trades about 0.12 of its potential returns per unit of risk. MAVEN WIRELESS SWEDEN is currently generating about -0.13 per unit of risk. If you would invest 202.00 in Kasikornbank Public on September 3, 2024 and sell it today you would earn a total of 202.00 from holding Kasikornbank Public or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kasikornbank Public vs. MAVEN WIRELESS SWEDEN
Performance |
| Timeline |
| Kasikornbank Public |
| MAVEN WIRELESS SWEDEN |
Kasikornbank Public and MAVEN WIRELESS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kasikornbank Public and MAVEN WIRELESS
The main advantage of trading using opposite Kasikornbank Public and MAVEN WIRELESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, MAVEN WIRELESS 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 MAVEN WIRELESS will offset losses from the drop in MAVEN WIRELESS's long position.| Kasikornbank Public vs. Postal Savings Bank | Kasikornbank Public vs. CAIXABANK UNADR 13 | Kasikornbank Public vs. Superior Plus Corp | Kasikornbank Public vs. NMI Holdings |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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