Correlation Between AiMedia Technologies and Kneomedia
Can any of the company-specific risk be diversified away by investing in both AiMedia Technologies and Kneomedia 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 AiMedia Technologies and Kneomedia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AiMedia Technologies and Kneomedia, you can compare the effects of market volatilities on AiMedia Technologies and Kneomedia 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 AiMedia Technologies with a short position of Kneomedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of AiMedia Technologies and Kneomedia.
Diversification Opportunities for AiMedia Technologies and Kneomedia
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AiMedia and Kneomedia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AiMedia Technologies and Kneomedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kneomedia and AiMedia Technologies 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 AiMedia Technologies are associated (or correlated) with Kneomedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kneomedia has no effect on the direction of AiMedia Technologies i.e., AiMedia Technologies and Kneomedia go up and down completely randomly.
Pair Corralation between AiMedia Technologies and Kneomedia
If you would invest 35.00 in AiMedia Technologies on September 3, 2024 and sell it today you would earn a total of 47.00 from holding AiMedia Technologies or generate 134.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AiMedia Technologies vs. Kneomedia
Performance |
| Timeline |
| AiMedia Technologies |
| Kneomedia |
AiMedia Technologies and Kneomedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AiMedia Technologies and Kneomedia
The main advantage of trading using opposite AiMedia Technologies and Kneomedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AiMedia Technologies position performs unexpectedly, Kneomedia 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 Kneomedia will offset losses from the drop in Kneomedia's long position.| AiMedia Technologies vs. Encounter Resources | AiMedia Technologies vs. Tlou Energy | AiMedia Technologies vs. Superior Resources | AiMedia Technologies vs. Peel Mining |
| Kneomedia vs. Encounter Resources | Kneomedia vs. Tlou Energy | Kneomedia vs. Superior Resources | Kneomedia vs. Peel Mining |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |