Correlation Between ANT and Korn Ferry
Can any of the company-specific risk be diversified away by investing in both ANT and Korn Ferry 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 ANT and Korn Ferry into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANT and Korn Ferry, you can compare the effects of market volatilities on ANT and Korn Ferry 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 ANT with a short position of Korn Ferry. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANT and Korn Ferry.
Diversification Opportunities for ANT and Korn Ferry
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between ANT and Korn is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding ANT and Korn Ferry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Korn Ferry and ANT 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 ANT are associated (or correlated) with Korn Ferry. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Korn Ferry has no effect on the direction of ANT i.e., ANT and Korn Ferry go up and down completely randomly.
Pair Corralation between ANT and Korn Ferry
Assuming the 90 days trading horizon ANT is expected to generate 15.83 times more return on investment than Korn Ferry. However, ANT is 15.83 times more volatile than Korn Ferry. It trades about 0.08 of its potential returns per unit of risk. Korn Ferry is currently generating about 0.32 per unit of risk. If you would invest 147.00 in ANT on November 2, 2024 and sell it today you would earn a total of 0.00 from holding ANT or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
ANT vs. Korn Ferry
Performance |
| Timeline |
| ANT |
| Korn Ferry |
ANT and Korn Ferry Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANT and Korn Ferry
The main advantage of trading using opposite ANT and Korn Ferry positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANT position performs unexpectedly, Korn Ferry 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 Korn Ferry will offset losses from the drop in Korn Ferry's long position.The idea behind ANT and Korn Ferry pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Korn Ferry vs. Heidrick Struggles International | Korn Ferry vs. Kelly Services A | Korn Ferry vs. Kforce Inc | Korn Ferry vs. ManpowerGroup |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |