Correlation Between Cantaloupe and KKR Co
Can any of the company-specific risk be diversified away by investing in both Cantaloupe and KKR Co 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 Cantaloupe and KKR Co into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cantaloupe and KKR Co LP, you can compare the effects of market volatilities on Cantaloupe and KKR Co 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 Cantaloupe with a short position of KKR Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantaloupe and KKR Co.
Diversification Opportunities for Cantaloupe and KKR Co
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cantaloupe and KKR is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Cantaloupe and KKR Co LP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KKR Co LP and Cantaloupe 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 Cantaloupe are associated (or correlated) with KKR Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KKR Co LP has no effect on the direction of Cantaloupe i.e., Cantaloupe and KKR Co go up and down completely randomly.
Pair Corralation between Cantaloupe and KKR Co
Given the investment horizon of 90 days Cantaloupe is expected to generate 0.89 times more return on investment than KKR Co. However, Cantaloupe is 1.13 times less risky than KKR Co. It trades about -0.1 of its potential returns per unit of risk. KKR Co LP is currently generating about -0.11 per unit of risk. If you would invest 630.00 in Cantaloupe on January 26, 2024 and sell it today you would lose (22.00) from holding Cantaloupe or give up 3.49% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 95.45% |
Values | Daily Returns |
Cantaloupe vs. KKR Co LP
Performance |
Timeline |
Cantaloupe |
KKR Co LP |
Cantaloupe and KKR Co Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cantaloupe and KKR Co
The main advantage of trading using opposite Cantaloupe and KKR Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantaloupe position performs unexpectedly, KKR Co 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 KKR Co will offset losses from the drop in KKR Co's long position.Cantaloupe vs. VNET Group DRC | Cantaloupe vs. GDS Holdings | Cantaloupe vs. CLARIVATE PLC | Cantaloupe vs. CACI International |
KKR Co vs. Federated Premier Municipal | KKR Co vs. Blackrock Muniyield | KKR Co vs. NXG NextGen Infrastructure | KKR Co vs. Brightsphere Investment Group |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |