Correlation Between Kaiser Aluminum and Maquia Capital
Can any of the company-specific risk be diversified away by investing in both Kaiser Aluminum and Maquia Capital 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 Kaiser Aluminum and Maquia Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kaiser Aluminum and Maquia Capital Acquisition, you can compare the effects of market volatilities on Kaiser Aluminum and Maquia Capital 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 Kaiser Aluminum with a short position of Maquia Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kaiser Aluminum and Maquia Capital.
Diversification Opportunities for Kaiser Aluminum and Maquia Capital
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kaiser and Maquia is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Kaiser Aluminum and Maquia Capital Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maquia Capital Acqui and Kaiser Aluminum 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 Kaiser Aluminum are associated (or correlated) with Maquia Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maquia Capital Acqui has no effect on the direction of Kaiser Aluminum i.e., Kaiser Aluminum and Maquia Capital go up and down completely randomly.
Pair Corralation between Kaiser Aluminum and Maquia Capital
If you would invest 7,169 in Kaiser Aluminum on August 30, 2024 and sell it today you would earn a total of 997.00 from holding Kaiser Aluminum or generate 13.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 2.27% |
| Values | Daily Returns |
Kaiser Aluminum vs. Maquia Capital Acquisition
Performance |
| Timeline |
| Kaiser Aluminum |
| Maquia Capital Acqui |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kaiser Aluminum and Maquia Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kaiser Aluminum and Maquia Capital
The main advantage of trading using opposite Kaiser Aluminum and Maquia Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kaiser Aluminum position performs unexpectedly, Maquia Capital 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 Maquia Capital will offset losses from the drop in Maquia Capital's long position.| Kaiser Aluminum vs. Century Aluminum | Kaiser Aluminum vs. China Hongqiao Group | Kaiser Aluminum vs. Constellium Nv | Kaiser Aluminum vs. Alcoa Corp |
| Maquia Capital vs. Kaiser Aluminum | Maquia Capital vs. Acco Brands | Maquia Capital vs. Stepan Company | Maquia Capital vs. Highway Holdings Limited |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |