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Correlation Between Petrone Worldwide and Kimball International

Analyzing existing cross correlation between Petrone Worldwide and Kimball International. You can compare the effects of market volatilities on Petrone Worldwide and Kimball International 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 Petrone Worldwide with a short position of Kimball International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petrone Worldwide and Kimball International.

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Diversification Opportunities for Petrone Worldwide and Kimball International

Petrone Worldwide diversification synergy
-0.32
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<div class='circular--portrait-small' style='background:#000000;color: white;font-size:1.1em;padding-top: 12px;;'>KBA</div>

Very good diversification

The 3 months correlation between Petrone and Kimball is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Petrone Worldwide and Kimball International Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kimball International and Petrone Worldwide 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 Petrone Worldwide are associated (or correlated) with Kimball International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kimball International has no effect on the direction of Petrone Worldwide i.e. Petrone Worldwide and Kimball International go up and down completely randomly.

Pair Corralation between Petrone Worldwide and Kimball International

Assuming 30 trading days horizon, Petrone Worldwide is expected to generate 15.69 times more return on investment than Kimball International. However, Petrone Worldwide is 15.69 times more volatile than Kimball International. It trades about 0.13 of its potential returns per unit of risk. Kimball International is currently generating about -0.14 per unit of risk. If you would invest  0.01  in Petrone Worldwide on January 21, 2020 and sell it today you would earn a total of  0.02  from holding Petrone Worldwide or generate 200.0% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy93.75%
ValuesDaily Returns

Petrone Worldwide  vs.  Kimball International Inc

 Performance (%) 
    
  Timeline 
Petrone Worldwide 
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Petrone Worldwide are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Inspite very inconsistent forward-looking indicators, Petrone Worldwide displayed solid returns over the last few months and may actually be approaching a breakup point.
Kimball International 
00

Risk-Adjusted Performance

Over the last 30 days Kimball International has generated negative risk-adjusted returns adding no value to investors with long positions. Even with fragile performance in the last few months, the Stock's technical indicators remain considerably steady which may send shares a bit higher in March 2020. The new chaos may also be a sign of medium term up-swing for the business stakeholders.

Petrone Worldwide and Kimball International Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Transaction History module to view history of all your transactions and understand their impact on performance.