Correlation Between Kalera Public and Golden Agri-Resources
Can any of the company-specific risk be diversified away by investing in both Kalera Public and Golden Agri-Resources 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 Kalera Public and Golden Agri-Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kalera Public Limited and Golden Agri Resources, you can compare the effects of market volatilities on Kalera Public and Golden Agri-Resources 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 Kalera Public with a short position of Golden Agri-Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kalera Public and Golden Agri-Resources.
Diversification Opportunities for Kalera Public and Golden Agri-Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kalera and Golden is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kalera Public Limited and Golden Agri Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Agri Resources and Kalera Public 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 Kalera Public Limited are associated (or correlated) with Golden Agri-Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Agri Resources has no effect on the direction of Kalera Public i.e., Kalera Public and Golden Agri-Resources go up and down completely randomly.
Pair Corralation between Kalera Public and Golden Agri-Resources
If you would invest 18.00 in Golden Agri Resources on November 6, 2024 and sell it today you would earn a total of 5.00 from holding Golden Agri Resources or generate 27.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kalera Public Limited vs. Golden Agri Resources
Performance |
| Timeline |
| Kalera Public Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Golden Agri Resources |
Kalera Public and Golden Agri-Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kalera Public and Golden Agri-Resources
The main advantage of trading using opposite Kalera Public and Golden Agri-Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kalera Public position performs unexpectedly, Golden Agri-Resources 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 Golden Agri-Resources will offset losses from the drop in Golden Agri-Resources' long position.| Kalera Public vs. Evolution Gaming Group | Kalera Public vs. Westinghouse Air Brake | Kalera Public vs. Boyd Gaming | Kalera Public vs. Finnair Oyj |
| Golden Agri-Resources vs. Wilmar International | Golden Agri-Resources vs. SLC Agricola SA | Golden Agri-Resources vs. Brasilagro Adr | Golden Agri-Resources vs. Alico Inc |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |