Correlation Between Konami Holdings and Cintas
Can any of the company-specific risk be diversified away by investing in both Konami Holdings and Cintas 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 Konami Holdings and Cintas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Konami Holdings Corp and Cintas, you can compare the effects of market volatilities on Konami Holdings and Cintas 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 Konami Holdings with a short position of Cintas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konami Holdings and Cintas.
Diversification Opportunities for Konami Holdings and Cintas
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Konami and Cintas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Konami Holdings Corp and Cintas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cintas and Konami Holdings 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 Konami Holdings Corp are associated (or correlated) with Cintas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cintas has no effect on the direction of Konami Holdings i.e., Konami Holdings and Cintas go up and down completely randomly.
Pair Corralation between Konami Holdings and Cintas
If you would invest 49,888 in Cintas on January 24, 2024 and sell it today you would earn a total of 16,612 from holding Cintas or generate 33.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Konami Holdings Corp vs. Cintas
Performance |
| Timeline |
| Konami Holdings Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cintas |
Konami Holdings and Cintas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konami Holdings and Cintas
The main advantage of trading using opposite Konami Holdings and Cintas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konami Holdings position performs unexpectedly, Cintas 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 Cintas will offset losses from the drop in Cintas' long position.| Konami Holdings vs. iShares Physical Silver | Konami Holdings vs. SilverCrest Metals | Konami Holdings vs. Bluejay Mining PLC | Konami Holdings vs. Coeur Mining |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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