Correlation Analysis Between KINAXIS INC and Israel Index

This module allows you to analyze existing cross correlation between KINAXIS INC and Israel Index. You can compare the effects of market volatilities on KINAXIS INC and Israel Index 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 KINAXIS INC with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of KINAXIS INC and Israel Index.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

KINAXIS INC  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, KINAXIS INC is expected to generate 3.18 times more return on investment than Israel Index. However, KINAXIS INC is 3.18 times more volatile than Israel Index. It trades about 0.16 of its potential returns per unit of risk. Israel Index is currently generating about 0.15 per unit of risk. If you would invest  7,824  in KINAXIS INC on October 15, 2019 and sell it today you would earn a total of  2,358  from holding KINAXIS INC or generate 30.14% return on investment over 30 days.

Pair Corralation between KINAXIS INC and Israel Index

0.5
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for KINAXIS INC and Israel Index

KINAXIS INC diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding KINAXIS INC and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and KINAXIS INC 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 KINAXIS INC are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of KINAXIS INC i.e. KINAXIS INC and Israel Index go up and down completely randomly.
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See also your portfolio center. Please also try Cryptocurrency Arbitrage module to find pairs of digital assets on multiple exchanges that are traded at a risk free arbitrage.


 
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