Correlation Between Intevac and KULR Technology
Can any of the company-specific risk be diversified away by investing in both Intevac and KULR Technology 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 KULR Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intevac and KULR Technology Group, you can compare the effects of market volatilities on Intevac and KULR Technology 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 KULR Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intevac and KULR Technology.
Diversification Opportunities for Intevac and KULR Technology
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Intevac and KULR is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Intevac and KULR Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KULR Technology Group 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 KULR Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KULR Technology Group has no effect on the direction of Intevac i.e., Intevac and KULR Technology go up and down completely randomly.
Pair Corralation between Intevac and KULR Technology
Given the investment horizon of 90 days Intevac is expected to generate 0.5 times more return on investment than KULR Technology. However, Intevac is 1.98 times less risky than KULR Technology. It trades about 0.17 of its potential returns per unit of risk. KULR Technology Group is currently generating about -0.16 per unit of risk. If you would invest 351.00 in Intevac on November 29, 2024 and sell it today you would earn a total of 53.00 from holding Intevac or generate 15.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intevac vs. KULR Technology Group
Performance |
| Timeline |
| Intevac |
| KULR Technology Group |
Intevac and KULR Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intevac and KULR Technology
The main advantage of trading using opposite Intevac and KULR Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intevac position performs unexpectedly, KULR Technology 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 KULR Technology will offset losses from the drop in KULR Technology's long position.| Intevac vs. Innovative Solutions and | Intevac vs. Heidrick Struggles International | Intevac vs. ICF International | Intevac vs. PDF Solutions |
| KULR Technology vs. Richardson Electronics | KULR Technology vs. Interlink Electronics | KULR Technology vs. SigmaTron International | KULR Technology vs. Maris Tech |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |