Correlation Between Kineta and India Globalization
Can any of the company-specific risk be diversified away by investing in both Kineta and India Globalization 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 Kineta and India Globalization into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kineta Inc and India Globalization Capital, you can compare the effects of market volatilities on Kineta and India Globalization 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 Kineta with a short position of India Globalization. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kineta and India Globalization.
Diversification Opportunities for Kineta and India Globalization
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kineta and India is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Kineta Inc and India Globalization Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on India Globalization and Kineta 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 Kineta Inc are associated (or correlated) with India Globalization. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of India Globalization has no effect on the direction of Kineta i.e., Kineta and India Globalization go up and down completely randomly.
Pair Corralation between Kineta and India Globalization
If you would invest 48.00 in Kineta Inc on October 26, 2024 and sell it today you would earn a total of 0.00 from holding Kineta Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 2.5% |
| Values | Daily Returns |
Kineta Inc vs. India Globalization Capital
Performance |
| Timeline |
| Kineta Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| India Globalization |
Kineta and India Globalization Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kineta and India Globalization
The main advantage of trading using opposite Kineta and India Globalization positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kineta position performs unexpectedly, India Globalization 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 India Globalization will offset losses from the drop in India Globalization's long position.| Kineta vs. Rezolute | Kineta vs. XOMA Corporation | Kineta vs. Protagenic Therapeutics | Kineta vs. Tempest Therapeutics |
| India Globalization vs. Oragenics | India Globalization vs. vTv Therapeutics | India Globalization vs. 22nd Century Group | India Globalization vs. CV Sciences |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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