Correlation Between KRISPY KREME and Anfield Energy
Can any of the company-specific risk be diversified away by investing in both KRISPY KREME and Anfield Energy 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 KRISPY KREME and Anfield Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KRISPY KREME DL 01 and Anfield Energy, you can compare the effects of market volatilities on KRISPY KREME and Anfield Energy 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 KRISPY KREME with a short position of Anfield Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of KRISPY KREME and Anfield Energy.
Diversification Opportunities for KRISPY KREME and Anfield Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KRISPY and Anfield is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KRISPY KREME DL 01 and Anfield Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anfield Energy and KRISPY KREME 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 KRISPY KREME DL 01 are associated (or correlated) with Anfield Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anfield Energy has no effect on the direction of KRISPY KREME i.e., KRISPY KREME and Anfield Energy go up and down completely randomly.
Pair Corralation between KRISPY KREME and Anfield Energy
If you would invest 0.00 in Anfield Energy on October 7, 2024 and sell it today you would earn a total of 0.00 from holding Anfield Energy or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.88% |
| Values | Daily Returns |
KRISPY KREME DL 01 vs. Anfield Energy
Performance |
| Timeline |
| KRISPY KREME DL |
| Anfield Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
KRISPY KREME and Anfield Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KRISPY KREME and Anfield Energy
The main advantage of trading using opposite KRISPY KREME and Anfield Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KRISPY KREME position performs unexpectedly, Anfield Energy 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 Anfield Energy will offset losses from the drop in Anfield Energy's long position.| KRISPY KREME vs. ARROW ELECTRONICS | KRISPY KREME vs. VIVA WINE GROUP | KRISPY KREME vs. ITALIAN WINE BRANDS | KRISPY KREME vs. UET United Electronic |
| Anfield Energy vs. GALENA MINING LTD | Anfield Energy vs. PLANT VEDA FOODS | Anfield Energy vs. Thai Beverage Public | Anfield Energy vs. THAI BEVERAGE |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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