Correlation Between Kinaxis and DOGS
Can any of the company-specific risk be diversified away by investing in both Kinaxis and DOGS 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 Kinaxis and DOGS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinaxis and DOGS, you can compare the effects of market volatilities on Kinaxis and DOGS 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 with a short position of DOGS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinaxis and DOGS.
Diversification Opportunities for Kinaxis and DOGS
Pay attention - limited upside
The 3 months correlation between Kinaxis and DOGS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinaxis and DOGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOGS and Kinaxis 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 are associated (or correlated) with DOGS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOGS has no effect on the direction of Kinaxis i.e., Kinaxis and DOGS go up and down completely randomly.
Pair Corralation between Kinaxis and DOGS
If you would invest 14,065 in Kinaxis on February 8, 2024 and sell it today you would earn a total of 494.00 from holding Kinaxis or generate 3.51% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Kinaxis vs. DOGS
Performance |
Timeline |
Kinaxis |
DOGS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kinaxis and DOGS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kinaxis and DOGS
The main advantage of trading using opposite Kinaxis and DOGS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinaxis position performs unexpectedly, DOGS 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 DOGS will offset losses from the drop in DOGS's long position.Kinaxis vs. Edgewater Wireless Systems | Kinaxis vs. Current Water Technologies | Kinaxis vs. Sparta Capital | Kinaxis vs. Fintech Select |
DOGS vs. Vident Core Equity | DOGS vs. Vident Core Bond | DOGS vs. iShares MSCI ACWI | DOGS vs. BMO Mid Federal |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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