Correlation Between WK Kellogg and Cardero Resource
Can any of the company-specific risk be diversified away by investing in both WK Kellogg and Cardero Resource 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 WK Kellogg and Cardero Resource into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WK Kellogg Co and Cardero Resource Corp, you can compare the effects of market volatilities on WK Kellogg and Cardero Resource 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 WK Kellogg with a short position of Cardero Resource. Check out your portfolio center. Please also check ongoing floating volatility patterns of WK Kellogg and Cardero Resource.
Diversification Opportunities for WK Kellogg and Cardero Resource
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KLG and Cardero is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding WK Kellogg Co and Cardero Resource Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cardero Resource Corp and WK Kellogg 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 WK Kellogg Co are associated (or correlated) with Cardero Resource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cardero Resource Corp has no effect on the direction of WK Kellogg i.e., WK Kellogg and Cardero Resource go up and down completely randomly.
Pair Corralation between WK Kellogg and Cardero Resource
If you would invest (100.00) in Cardero Resource Corp on February 24, 2024 and sell it today you would earn a total of 100.00 from holding Cardero Resource Corp or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
WK Kellogg Co vs. Cardero Resource Corp
Performance |
Timeline |
WK Kellogg |
Cardero Resource Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
WK Kellogg and Cardero Resource Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with WK Kellogg and Cardero Resource
The main advantage of trading using opposite WK Kellogg and Cardero Resource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WK Kellogg position performs unexpectedly, Cardero Resource 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 Cardero Resource will offset losses from the drop in Cardero Resource's long position.WK Kellogg vs. J J Snack | WK Kellogg vs. Central Garden Pet | WK Kellogg vs. Central Garden Pet | WK Kellogg vs. McCormick Company Incorporated |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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