Correlation Between Yes Bank and Kingfa Science
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By analyzing existing cross correlation between Yes Bank Limited and Kingfa Science Technology, you can compare the effects of market volatilities on Yes Bank and Kingfa Science 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 Yes Bank with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Bank and Kingfa Science.
Diversification Opportunities for Yes Bank and Kingfa Science
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yes and Kingfa is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Yes Bank Limited and Kingfa Science Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingfa Science Technology and Yes Bank 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 Yes Bank Limited are associated (or correlated) with Kingfa Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingfa Science Technology has no effect on the direction of Yes Bank i.e., Yes Bank and Kingfa Science go up and down completely randomly.
Pair Corralation between Yes Bank and Kingfa Science
Assuming the 90 days trading horizon Yes Bank Limited is expected to under-perform the Kingfa Science. But the stock apears to be less risky and, when comparing its historical volatility, Yes Bank Limited is 1.1 times less risky than Kingfa Science. The stock trades about -0.01 of its potential returns per unit of risk. The Kingfa Science Technology is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 227,760 in Kingfa Science Technology on September 25, 2024 and sell it today you would earn a total of 119,995 from holding Kingfa Science Technology or generate 52.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.18% |
| Values | Daily Returns |
Yes Bank Limited vs. Kingfa Science Technology
Performance |
| Timeline |
| Yes Bank Limited |
| Kingfa Science Technology |
Yes Bank and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yes Bank and Kingfa Science
The main advantage of trading using opposite Yes Bank and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Bank position performs unexpectedly, Kingfa Science 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 Kingfa Science will offset losses from the drop in Kingfa Science's long position.| Yes Bank vs. Kingfa Science Technology | Yes Bank vs. Rico Auto Industries | Yes Bank vs. GACM Technologies Limited | Yes Bank vs. COSMO FIRST LIMITED |
| Kingfa Science vs. Jindal Poly Investment | Kingfa Science vs. Nazara Technologies Limited | Kingfa Science vs. Mtar Technologies Limited | Kingfa Science vs. Cambridge Technology Enterprises |
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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