Correlation Between Kasikornbank Public and Namwiwat Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kasikornbank Public and Namwiwat Medical, you can compare the effects of market volatilities on Kasikornbank Public and Namwiwat Medical 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 Namwiwat Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kasikornbank Public and Namwiwat Medical.
Diversification Opportunities for Kasikornbank Public and Namwiwat Medical
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kasikornbank and Namwiwat is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Kasikornbank Public and Namwiwat Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Namwiwat Medical 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 Namwiwat Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Namwiwat Medical has no effect on the direction of Kasikornbank Public i.e., Kasikornbank Public and Namwiwat Medical go up and down completely randomly.
Pair Corralation between Kasikornbank Public and Namwiwat Medical
Assuming the 90 days trading horizon Kasikornbank Public is expected to generate 0.77 times more return on investment than Namwiwat Medical. However, Kasikornbank Public is 1.3 times less risky than Namwiwat Medical. It trades about 0.01 of its potential returns per unit of risk. Namwiwat Medical is currently generating about -0.06 per unit of risk. If you would invest 15,750 in Kasikornbank Public on September 15, 2024 and sell it today you would earn a total of 50.00 from holding Kasikornbank Public or generate 0.32% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Kasikornbank Public vs. Namwiwat Medical
Performance |
Timeline |
Kasikornbank Public |
Namwiwat Medical |
Kasikornbank Public and Namwiwat Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kasikornbank Public and Namwiwat Medical
The main advantage of trading using opposite Kasikornbank Public and Namwiwat Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kasikornbank Public position performs unexpectedly, Namwiwat Medical 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 Namwiwat Medical will offset losses from the drop in Namwiwat Medical'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 |
Namwiwat Medical vs. Hana Microelectronics Public | Namwiwat Medical vs. CHAOSUA FOODS INDUSTRY | Namwiwat Medical vs. NSL Foods Public | Namwiwat Medical vs. Nova Organic PCL |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |