Correlation Between Flexible Solutions and KIMBERLY
Specify exactly 2 symbols:
By analyzing existing cross correlation between Flexible Solutions International and KIMBERLY CLARK P, you can compare the effects of market volatilities on Flexible Solutions and KIMBERLY 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 Flexible Solutions with a short position of KIMBERLY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flexible Solutions and KIMBERLY.
Diversification Opportunities for Flexible Solutions and KIMBERLY
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Flexible and KIMBERLY is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Flexible Solutions Internation and KIMBERLY CLARK P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMBERLY CLARK P and Flexible Solutions 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 Flexible Solutions International are associated (or correlated) with KIMBERLY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMBERLY CLARK P has no effect on the direction of Flexible Solutions i.e., Flexible Solutions and KIMBERLY go up and down completely randomly.
Pair Corralation between Flexible Solutions and KIMBERLY
Considering the 90-day investment horizon Flexible Solutions International is expected to generate 3.55 times more return on investment than KIMBERLY. However, Flexible Solutions is 3.55 times more volatile than KIMBERLY CLARK P. It trades about 0.03 of its potential returns per unit of risk. KIMBERLY CLARK P is currently generating about 0.01 per unit of risk. If you would invest 287.00 in Flexible Solutions International on September 12, 2024 and sell it today you would earn a total of 93.00 from holding Flexible Solutions International or generate 32.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 82.63% |
| Values | Daily Returns |
Flexible Solutions Internation vs. KIMBERLY CLARK P
Performance |
| Timeline |
| Flexible Solutions |
| KIMBERLY CLARK P |
Flexible Solutions and KIMBERLY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Flexible Solutions and KIMBERLY
The main advantage of trading using opposite Flexible Solutions and KIMBERLY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flexible Solutions position performs unexpectedly, KIMBERLY 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 KIMBERLY will offset losses from the drop in KIMBERLY's long position.| Flexible Solutions vs. Orion Engineered Carbons | Flexible Solutions vs. International Flavors Fragrances | Flexible Solutions vs. Sociedad Quimica y | Flexible Solutions vs. Albemarle Corp |
| KIMBERLY vs. Codexis | KIMBERLY vs. Luxfer Holdings PLC | KIMBERLY vs. Hudson Technologies | KIMBERLY vs. Flexible Solutions International |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Transaction History View history of all your transactions and understand their impact on performance |