Correlation Between Atlas Corp and Kirby
Can any of the company-specific risk be diversified away by investing in both Atlas Corp and Kirby 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 Atlas Corp and Kirby into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atlas Corp and Kirby, you can compare the effects of market volatilities on Atlas Corp and Kirby 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 Atlas Corp with a short position of Kirby. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atlas Corp and Kirby.
Diversification Opportunities for Atlas Corp and Kirby
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Atlas and Kirby is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Atlas Corp and Kirby in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kirby and Atlas Corp 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 Atlas Corp are associated (or correlated) with Kirby. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kirby has no effect on the direction of Atlas Corp i.e., Atlas Corp and Kirby go up and down completely randomly.
Pair Corralation between Atlas Corp and Kirby
If you would invest 5,874 in Kirby on January 19, 2024 and sell it today you would earn a total of 3,623 from holding Kirby or generate 61.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Atlas Corp vs. Kirby
Performance |
| Timeline |
| Atlas Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kirby |
Atlas Corp and Kirby Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atlas Corp and Kirby
The main advantage of trading using opposite Atlas Corp and Kirby positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atlas Corp position performs unexpectedly, Kirby 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 Kirby will offset losses from the drop in Kirby's long position.| Atlas Corp vs. Electronic Arts | Atlas Corp vs. Dow Jones Toys | Atlas Corp vs. Western Asset Investment | Atlas Corp vs. Blue Hat Interactive |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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