Correlation Between Intevac and Knightscope
Can any of the company-specific risk be diversified away by investing in both Intevac and Knightscope 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 Intevac and Knightscope into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intevac and Knightscope, you can compare the effects of market volatilities on Intevac and Knightscope 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 Intevac with a short position of Knightscope. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intevac and Knightscope.
Diversification Opportunities for Intevac and Knightscope
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Intevac and Knightscope is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Intevac and Knightscope in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Knightscope and Intevac 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 Intevac are associated (or correlated) with Knightscope. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Knightscope has no effect on the direction of Intevac i.e., Intevac and Knightscope go up and down completely randomly.
Pair Corralation between Intevac and Knightscope
Given the investment horizon of 90 days Intevac is expected to under-perform the Knightscope. But the stock apears to be less risky and, when comparing its historical volatility, Intevac is 3.64 times less risky than Knightscope. The stock trades about -0.07 of its potential returns per unit of risk. The Knightscope is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,435 in Knightscope on September 2, 2024 and sell it today you would earn a total of 364.00 from holding Knightscope or generate 25.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intevac vs. Knightscope
Performance |
| Timeline |
| Intevac |
| Knightscope |
Intevac and Knightscope Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intevac and Knightscope
The main advantage of trading using opposite Intevac and Knightscope positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intevac position performs unexpectedly, Knightscope 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 Knightscope will offset losses from the drop in Knightscope's long position.| Intevac vs. Innovative Solutions and | Intevac vs. Heidrick Struggles International | Intevac vs. ICF International | Intevac vs. PDF Solutions |
| Knightscope vs. LogicMark | Knightscope vs. Guardforce AI Co | Knightscope vs. Bridger Aerospace Group | Knightscope vs. Iveda Solutions |
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
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |