Correlation Between Enad Global and Kindred Group
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By analyzing existing cross correlation between Enad Global 7 and Kindred Group plc, you can compare the effects of market volatilities on Enad Global and Kindred Group 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 Enad Global with a short position of Kindred Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enad Global and Kindred Group.
Diversification Opportunities for Enad Global and Kindred Group
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Enad and Kindred is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Enad Global 7 and Kindred Group plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kindred Group plc and Enad Global 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 Enad Global 7 are associated (or correlated) with Kindred Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kindred Group plc has no effect on the direction of Enad Global i.e., Enad Global and Kindred Group go up and down completely randomly.
Pair Corralation between Enad Global and Kindred Group
Assuming the 90 days trading horizon Enad Global 7 is expected to generate 30.99 times more return on investment than Kindred Group. However, Enad Global is 30.99 times more volatile than Kindred Group plc. It trades about 0.04 of its potential returns per unit of risk. Kindred Group plc is currently generating about 1.16 per unit of risk. If you would invest 1,365 in Enad Global 7 on August 29, 2024 and sell it today you would earn a total of 25.00 from holding Enad Global 7 or generate 1.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 54.55% |
| Values | Daily Returns |
Enad Global 7 vs. Kindred Group plc
Performance |
| Timeline |
| Enad Global 7 |
| Kindred Group plc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
Enad Global and Kindred Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enad Global and Kindred Group
The main advantage of trading using opposite Enad Global and Kindred Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enad Global position performs unexpectedly, Kindred Group 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 Kindred Group will offset losses from the drop in Kindred Group's long position.| Enad Global vs. Flexion Mobile PLC | Enad Global vs. iZafe Group AB | Enad Global vs. KABE Group AB | Enad Global vs. IAR Systems Group |
| Kindred Group vs. Kambi Group PLC | Kindred Group vs. Betsson AB | Kindred Group vs. Evolution AB | Kindred Group vs. Embracer Group AB |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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