Correlation Between Khiron Life and Antofagasta Plc
Can any of the company-specific risk be diversified away by investing in both Khiron Life and Antofagasta Plc 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 Khiron Life and Antofagasta Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Khiron Life Sciences and Antofagasta plc, you can compare the effects of market volatilities on Khiron Life and Antofagasta Plc 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 Khiron Life with a short position of Antofagasta Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Khiron Life and Antofagasta Plc.
Diversification Opportunities for Khiron Life and Antofagasta Plc
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Khiron and Antofagasta is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Khiron Life Sciences and Antofagasta plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Antofagasta plc and Khiron Life 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 Khiron Life Sciences are associated (or correlated) with Antofagasta Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Antofagasta plc has no effect on the direction of Khiron Life i.e., Khiron Life and Antofagasta Plc go up and down completely randomly.
Pair Corralation between Khiron Life and Antofagasta Plc
If you would invest 1,956 in Antofagasta plc on October 20, 2024 and sell it today you would earn a total of 112.00 from holding Antofagasta plc or generate 5.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Khiron Life Sciences vs. Antofagasta plc
Performance |
| Timeline |
| Khiron Life Sciences |
| Antofagasta plc |
Khiron Life and Antofagasta Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Khiron Life and Antofagasta Plc
The main advantage of trading using opposite Khiron Life and Antofagasta Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Khiron Life position performs unexpectedly, Antofagasta Plc 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 Antofagasta Plc will offset losses from the drop in Antofagasta Plc's long position.| Khiron Life vs. GLG LIFE TECH | Khiron Life vs. UNIVERSAL DISPLAY | Khiron Life vs. PKSHA TECHNOLOGY INC | Khiron Life vs. Gaming and Leisure |
| Antofagasta Plc vs. Freeport McMoRan | Antofagasta Plc vs. Southern Copper | Antofagasta Plc vs. First Quantum Minerals | Antofagasta Plc vs. KGHM Polska Miedz |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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