Correlation Between KENEDIX OFFICE and PLAYTIKA HOLDING
Can any of the company-specific risk be diversified away by investing in both KENEDIX OFFICE and PLAYTIKA HOLDING 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 KENEDIX OFFICE and PLAYTIKA HOLDING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KENEDIX OFFICE INV and PLAYTIKA HOLDING DL 01, you can compare the effects of market volatilities on KENEDIX OFFICE and PLAYTIKA HOLDING 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 KENEDIX OFFICE with a short position of PLAYTIKA HOLDING. Check out your portfolio center. Please also check ongoing floating volatility patterns of KENEDIX OFFICE and PLAYTIKA HOLDING.
Diversification Opportunities for KENEDIX OFFICE and PLAYTIKA HOLDING
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between KENEDIX and PLAYTIKA is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding KENEDIX OFFICE INV and PLAYTIKA HOLDING DL 01 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLAYTIKA HOLDING and KENEDIX OFFICE 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 KENEDIX OFFICE INV are associated (or correlated) with PLAYTIKA HOLDING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLAYTIKA HOLDING has no effect on the direction of KENEDIX OFFICE i.e., KENEDIX OFFICE and PLAYTIKA HOLDING go up and down completely randomly.
Pair Corralation between KENEDIX OFFICE and PLAYTIKA HOLDING
Assuming the 90 days horizon KENEDIX OFFICE INV is expected to generate 1.14 times more return on investment than PLAYTIKA HOLDING. However, KENEDIX OFFICE is 1.14 times more volatile than PLAYTIKA HOLDING DL 01. It trades about 0.09 of its potential returns per unit of risk. PLAYTIKA HOLDING DL 01 is currently generating about 0.03 per unit of risk. If you would invest 86,500 in KENEDIX OFFICE INV on October 20, 2024 and sell it today you would earn a total of 2,500 from holding KENEDIX OFFICE INV or generate 2.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
KENEDIX OFFICE INV vs. PLAYTIKA HOLDING DL 01
Performance |
| Timeline |
| KENEDIX OFFICE INV |
| PLAYTIKA HOLDING |
KENEDIX OFFICE and PLAYTIKA HOLDING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KENEDIX OFFICE and PLAYTIKA HOLDING
The main advantage of trading using opposite KENEDIX OFFICE and PLAYTIKA HOLDING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KENEDIX OFFICE position performs unexpectedly, PLAYTIKA HOLDING 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 PLAYTIKA HOLDING will offset losses from the drop in PLAYTIKA HOLDING's long position.| KENEDIX OFFICE vs. Air Lease | KENEDIX OFFICE vs. WILLIS LEASE FIN | KENEDIX OFFICE vs. Kingdee International Software | KENEDIX OFFICE vs. AM EAGLE OUTFITTERS |
| PLAYTIKA HOLDING vs. NAKED WINES PLC | PLAYTIKA HOLDING vs. Infrastrutture Wireless Italiane | PLAYTIKA HOLDING vs. IMAGIN MEDICAL INC | PLAYTIKA HOLDING vs. KENEDIX OFFICE INV |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |