Correlation Analysis Between KINAXIS INC and XU100

This module allows you to analyze existing cross correlation between KINAXIS INC and XU100. You can compare the effects of market volatilities on KINAXIS INC and XU100 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 XU100. See also your portfolio center. Please also check ongoing floating volatility patterns of KINAXIS INC and XU100.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

KINAXIS INC  vs.  XU100

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, KINAXIS INC is expected to generate 0.28 times more return on investment than XU100. However, KINAXIS INC is 3.59 times less risky than XU100. It trades about 0.86 of its potential returns per unit of risk. XU100 is currently generating about 0.05 per unit of risk. If you would invest  10,160  in KINAXIS INC on October 22, 2019 and sell it today you would earn a total of  352.00  from holding KINAXIS INC or generate 3.46% return on investment over 30 days.

Pair Corralation between KINAXIS INC and XU100

0.68
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy10.14%
ValuesDaily Returns

Diversification Opportunities for KINAXIS INC and XU100

KINAXIS INC diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding KINAXIS INC and XU100 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on XU100 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 XU100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XU100 has no effect on the direction of KINAXIS INC i.e. KINAXIS INC and XU100 go up and down completely randomly.
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See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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