Correlation Between De Grey and Khiron Life
Can any of the company-specific risk be diversified away by investing in both De Grey and Khiron Life 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 De Grey and Khiron Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between De Grey Mining and Khiron Life Sciences, you can compare the effects of market volatilities on De Grey and Khiron Life 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 De Grey with a short position of Khiron Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of De Grey and Khiron Life.
Diversification Opportunities for De Grey and Khiron Life
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DGD and Khiron is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding De Grey Mining and Khiron Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Khiron Life Sciences and De Grey 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 De Grey Mining are associated (or correlated) with Khiron Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Khiron Life Sciences has no effect on the direction of De Grey i.e., De Grey and Khiron Life go up and down completely randomly.
Pair Corralation between De Grey and Khiron Life
If you would invest 108.00 in De Grey Mining on November 7, 2024 and sell it today you would earn a total of 11.00 from holding De Grey Mining or generate 10.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
De Grey Mining vs. Khiron Life Sciences
Performance |
| Timeline |
| De Grey Mining |
| Khiron Life Sciences |
De Grey and Khiron Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with De Grey and Khiron Life
The main advantage of trading using opposite De Grey and Khiron Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if De Grey position performs unexpectedly, Khiron Life 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 Khiron Life will offset losses from the drop in Khiron Life's long position.The idea behind De Grey Mining and Khiron Life Sciences 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.| Khiron Life vs. ARDAGH METAL PACDL 0001 | Khiron Life vs. ZURICH INSURANCE GROUP | Khiron Life vs. Fortescue Metals Group | Khiron Life vs. Direct Line Insurance |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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