Correlation Between Knoll and Ennis
Can any of the company-specific risk be diversified away by investing in both Knoll and Ennis 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 Knoll and Ennis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Knoll Inc and Ennis Inc, you can compare the effects of market volatilities on Knoll and Ennis 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 Knoll with a short position of Ennis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Knoll and Ennis.
Diversification Opportunities for Knoll and Ennis
Pay attention - limited upside
The 3 months correlation between Knoll and Ennis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Knoll Inc and Ennis Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ennis Inc and Knoll 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 Knoll Inc are associated (or correlated) with Ennis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ennis Inc has no effect on the direction of Knoll i.e., Knoll and Ennis go up and down completely randomly.
Pair Corralation between Knoll and Ennis
If you would invest (100.00) in Knoll Inc on January 24, 2024 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 |
Knoll Inc vs. Ennis Inc
Performance |
Timeline |
Knoll Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ennis Inc |
Knoll and Ennis Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Knoll and Ennis
The main advantage of trading using opposite Knoll and Ennis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Knoll position performs unexpectedly, Ennis 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 Ennis will offset losses from the drop in Ennis' long position.Knoll vs. Summa Silver Corp | Knoll vs. Maiden Holdings | Knoll vs. Perseus Mining Limited | Knoll vs. Coursera |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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