Correlation Between Kimball International and Knoll
Can any of the company-specific risk be diversified away by investing in both Kimball International and Knoll 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 Kimball International and Knoll into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kimball International and Knoll Inc, you can compare the effects of market volatilities on Kimball International and Knoll 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 Kimball International with a short position of Knoll. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kimball International and Knoll.
Diversification Opportunities for Kimball International and Knoll
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kimball and Knoll is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kimball International and Knoll Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Knoll Inc and Kimball International 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 Kimball International are associated (or correlated) with Knoll. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Knoll Inc has no effect on the direction of Kimball International i.e., Kimball International and Knoll go up and down completely randomly.
Pair Corralation between Kimball International and Knoll
If you would invest (100.00) in Knoll Inc on December 29, 2023 and sell it today you would earn a total of 100.00 from holding Knoll Inc 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 |
Kimball International vs. Knoll Inc
Performance |
Timeline |
Kimball International |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Knoll Inc |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Kimball International and Knoll Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kimball International and Knoll
The main advantage of trading using opposite Kimball International and Knoll positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kimball International position performs unexpectedly, Knoll 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 Knoll will offset losses from the drop in Knoll's long position.Kimball International vs. Hawkins | Kimball International vs. Avient Corp | Kimball International vs. SEP Acquisition Corp | Kimball International vs. Ecovyst |
Knoll vs. Getty Images Holdings | Knoll vs. Chimerix | Knoll vs. Iridium Communications | Knoll vs. Tarsus PharmaceuticalsInc |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
CEOs Directory Screen CEOs from public companies around the world | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Stocks Directory Find actively traded stocks across global markets | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |