Correlation Between Kambi Group and Kindred Group
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kambi Group PLC and Kindred Group plc, you can compare the effects of market volatilities on Kambi Group and Kindred Group 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 Kambi Group with a short position of Kindred Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kambi Group and Kindred Group.
Diversification Opportunities for Kambi Group and Kindred Group
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kambi and Kindred is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Kambi Group PLC and Kindred Group plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kindred Group plc and Kambi Group 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 Kambi Group PLC are associated (or correlated) with Kindred Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kindred Group plc has no effect on the direction of Kambi Group i.e., Kambi Group and Kindred Group go up and down completely randomly.
Pair Corralation between Kambi Group and Kindred Group
Assuming the 90 days trading horizon Kambi Group PLC is expected to under-perform the Kindred Group. In addition to that, Kambi Group is 36.55 times more volatile than Kindred Group plc. It trades about -0.29 of its total potential returns per unit of risk. Kindred Group plc is currently generating about 1.16 per unit of volatility. If you would invest 12,750 in Kindred Group plc on August 28, 2024 and sell it today you would earn a total of 160.00 from holding Kindred Group plc or generate 1.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 54.55% |
| Values | Daily Returns |
Kambi Group PLC vs. Kindred Group plc
Performance |
| Timeline |
| Kambi Group PLC |
| Kindred Group plc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
Kambi Group and Kindred Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kambi Group and Kindred Group
The main advantage of trading using opposite Kambi Group and Kindred Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kambi Group position performs unexpectedly, Kindred Group 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 Kindred Group will offset losses from the drop in Kindred Group's long position.| Kambi Group vs. Evolution AB | Kambi Group vs. Embracer Group AB | Kambi Group vs. Betsson AB | Kambi Group vs. Catena Media plc |
| Kindred Group vs. Kambi Group PLC | Kindred Group vs. Betsson AB | Kindred Group vs. Evolution AB | Kindred Group vs. Embracer Group AB |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |