Correlation Between Glassbox and Kafrit
Can any of the company-specific risk be diversified away by investing in both Glassbox and Kafrit 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 Glassbox and Kafrit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glassbox and Kafrit, you can compare the effects of market volatilities on Glassbox and Kafrit 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 Glassbox with a short position of Kafrit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glassbox and Kafrit.
Diversification Opportunities for Glassbox and Kafrit
Very good diversification
The 3 months correlation between Glassbox and Kafrit is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Glassbox and Kafrit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kafrit and Glassbox 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 Glassbox are associated (or correlated) with Kafrit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kafrit has no effect on the direction of Glassbox i.e., Glassbox and Kafrit go up and down completely randomly.
Pair Corralation between Glassbox and Kafrit
If you would invest 265,800 in Kafrit on September 1, 2024 and sell it today you would earn a total of 2,700 from holding Kafrit or generate 1.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 16.67% |
| Values | Daily Returns |
Glassbox vs. Kafrit
Performance |
| Timeline |
| Glassbox |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
| Kafrit |
Glassbox and Kafrit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glassbox and Kafrit
The main advantage of trading using opposite Glassbox and Kafrit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glassbox position performs unexpectedly, Kafrit 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 Kafrit will offset losses from the drop in Kafrit's long position.| Glassbox vs. Bio Meat Foodtech | Glassbox vs. Scope Metals Group | Glassbox vs. Alrov Properties Lodgings | Glassbox vs. Israel China Biotechnology |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |