Correlation Between Kyndryl Holdings and 00108WAF7
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By analyzing existing cross correlation between Kyndryl Holdings and AEP TEX INC, you can compare the effects of market volatilities on Kyndryl Holdings and 00108WAF7 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 Kyndryl Holdings with a short position of 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kyndryl Holdings and 00108WAF7.
Diversification Opportunities for Kyndryl Holdings and 00108WAF7
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kyndryl and 00108WAF7 is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Kyndryl Holdings and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC and Kyndryl Holdings 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 Kyndryl Holdings are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of Kyndryl Holdings i.e., Kyndryl Holdings and 00108WAF7 go up and down completely randomly.
Pair Corralation between Kyndryl Holdings and 00108WAF7
Allowing for the 90-day total investment horizon Kyndryl Holdings is expected to generate 0.89 times more return on investment than 00108WAF7. However, Kyndryl Holdings is 1.12 times less risky than 00108WAF7. It trades about 0.49 of its potential returns per unit of risk. AEP TEX INC is currently generating about -0.04 per unit of risk. If you would invest 2,289 in Kyndryl Holdings on September 1, 2024 and sell it today you would earn a total of 1,182 from holding Kyndryl Holdings or generate 51.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
Kyndryl Holdings vs. AEP TEX INC
Performance |
| Timeline |
| Kyndryl Holdings |
| AEP TEX INC |
Kyndryl Holdings and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kyndryl Holdings and 00108WAF7
The main advantage of trading using opposite Kyndryl Holdings and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kyndryl Holdings position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| Kyndryl Holdings vs. FiscalNote Holdings | Kyndryl Holdings vs. Innodata | Kyndryl Holdings vs. Aurora Innovation | Kyndryl Holdings vs. Conduent |
| 00108WAF7 vs. AKITA Drilling | 00108WAF7 vs. GameStop Corp | 00108WAF7 vs. Contagious Gaming | 00108WAF7 vs. Awilco Drilling PLC |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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