Correlation Between Ke Holdings and Sprinklr
Can any of the company-specific risk be diversified away by investing in both Ke Holdings and Sprinklr 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 Ke Holdings and Sprinklr into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ke Holdings and Sprinklr, you can compare the effects of market volatilities on Ke Holdings and Sprinklr 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 Ke Holdings with a short position of Sprinklr. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ke Holdings and Sprinklr.
Diversification Opportunities for Ke Holdings and Sprinklr
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between BEKE and Sprinklr is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Ke Holdings and Sprinklr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sprinklr and Ke Holdings 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 Ke Holdings are associated (or correlated) with Sprinklr. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprinklr has no effect on the direction of Ke Holdings i.e., Ke Holdings and Sprinklr go up and down completely randomly.
Pair Corralation between Ke Holdings and Sprinklr
Given the investment horizon of 90 days Ke Holdings is expected to under-perform the Sprinklr. In addition to that, Ke Holdings is 1.03 times more volatile than Sprinklr. It trades about -0.2 of its total potential returns per unit of risk. Sprinklr is currently generating about 0.14 per unit of volatility. If you would invest 754.00 in Sprinklr on September 2, 2024 and sell it today you would earn a total of 70.00 from holding Sprinklr or generate 9.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ke Holdings vs. Sprinklr
Performance |
| Timeline |
| Ke Holdings |
| Sprinklr |
Ke Holdings and Sprinklr Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ke Holdings and Sprinklr
The main advantage of trading using opposite Ke Holdings and Sprinklr positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ke Holdings position performs unexpectedly, Sprinklr 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 Sprinklr will offset losses from the drop in Sprinklr's long position.| Ke Holdings vs. Marcus Millichap | Ke Holdings vs. Digitalbridge Group | Ke Holdings vs. Jones Lang LaSalle | Ke Holdings vs. CBRE Group Class |
| Sprinklr vs. Ke Holdings | Sprinklr vs. nCino Inc | Sprinklr vs. Kingsoft Cloud Holdings | Sprinklr vs. Jfrog |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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