Correlation Between Concorde Gaming and Kenon Holdings
Can any of the company-specific risk be diversified away by investing in both Concorde Gaming and Kenon Holdings 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 Concorde Gaming and Kenon Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concorde Gaming and Kenon Holdings, you can compare the effects of market volatilities on Concorde Gaming and Kenon Holdings 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 Concorde Gaming with a short position of Kenon Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concorde Gaming and Kenon Holdings.
Diversification Opportunities for Concorde Gaming and Kenon Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Concorde and Kenon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Concorde Gaming and Kenon Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kenon Holdings and Concorde Gaming 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 Concorde Gaming are associated (or correlated) with Kenon Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kenon Holdings has no effect on the direction of Concorde Gaming i.e., Concorde Gaming and Kenon Holdings go up and down completely randomly.
Pair Corralation between Concorde Gaming and Kenon Holdings
If you would invest 2,821 in Kenon Holdings on August 31, 2024 and sell it today you would earn a total of 117.00 from holding Kenon Holdings or generate 4.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Concorde Gaming vs. Kenon Holdings
Performance |
| Timeline |
| Concorde Gaming |
| Kenon Holdings |
Concorde Gaming and Kenon Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concorde Gaming and Kenon Holdings
The main advantage of trading using opposite Concorde Gaming and Kenon Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concorde Gaming position performs unexpectedly, Kenon Holdings 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 Kenon Holdings will offset losses from the drop in Kenon Holdings' long position.| Concorde Gaming vs. Paysafe | Concorde Gaming vs. Globalfoundries | Concorde Gaming vs. Micron Technology | Concorde Gaming vs. Taiwan Semiconductor Manufacturing |
| Kenon Holdings vs. Vistra Energy Corp | Kenon Holdings vs. Pampa Energia SA | Kenon Holdings vs. NRG Energy | Kenon Holdings vs. AGL Energy |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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