Correlation Between Kibush Capital and Teck Resources
Can any of the company-specific risk be diversified away by investing in both Kibush Capital and Teck Resources 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 Kibush Capital and Teck Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kibush Capital Corp and Teck Resources Ltd, you can compare the effects of market volatilities on Kibush Capital and Teck Resources 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 Kibush Capital with a short position of Teck Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kibush Capital and Teck Resources.
Diversification Opportunities for Kibush Capital and Teck Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kibush and Teck is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kibush Capital Corp and Teck Resources Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teck Resources and Kibush Capital 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 Kibush Capital Corp are associated (or correlated) with Teck Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teck Resources has no effect on the direction of Kibush Capital i.e., Kibush Capital and Teck Resources go up and down completely randomly.
Pair Corralation between Kibush Capital and Teck Resources
If you would invest 4,440 in Teck Resources Ltd on January 17, 2024 and sell it today you would earn a total of 350.00 from holding Teck Resources Ltd or generate 7.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kibush Capital Corp vs. Teck Resources Ltd
Performance |
| Timeline |
| Kibush Capital Corp |
| Teck Resources |
Kibush Capital and Teck Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kibush Capital and Teck Resources
The main advantage of trading using opposite Kibush Capital and Teck Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kibush Capital position performs unexpectedly, Teck Resources 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 Teck Resources will offset losses from the drop in Teck Resources' long position.| Kibush Capital vs. NioCorp Developments Ltd | Kibush Capital vs. Lithium Americas Corp | Kibush Capital vs. Sigma Lithium Resources | Kibush Capital vs. Standard Lithium |
| Teck Resources vs. Vale SA ADR | Teck Resources vs. Sayona Mining Limited | Teck Resources vs. Ameriwest Lithium |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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