Correlation Between KDA and Reliq Health
Can any of the company-specific risk be diversified away by investing in both KDA and Reliq Health 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 KDA and Reliq Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KDA Group and Reliq Health Technologies, you can compare the effects of market volatilities on KDA and Reliq Health 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 KDA with a short position of Reliq Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of KDA and Reliq Health.
Diversification Opportunities for KDA and Reliq Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KDA and Reliq is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KDA Group and Reliq Health Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Reliq Health Technologies and KDA 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 KDA Group are associated (or correlated) with Reliq Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Reliq Health Technologies has no effect on the direction of KDA i.e., KDA and Reliq Health go up and down completely randomly.
Pair Corralation between KDA and Reliq Health
Assuming the 90 days horizon KDA Group is expected to generate 2.41 times more return on investment than Reliq Health. However, KDA is 2.41 times more volatile than Reliq Health Technologies. It trades about 0.07 of its potential returns per unit of risk. Reliq Health Technologies is currently generating about -0.04 per unit of risk. If you would invest 14.00 in KDA Group on September 14, 2024 and sell it today you would earn a total of 14.00 from holding KDA Group or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.63% |
| Values | Daily Returns |
KDA Group vs. Reliq Health Technologies
Performance |
| Timeline |
| KDA Group |
| Reliq Health Technologies |
KDA and Reliq Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KDA and Reliq Health
The main advantage of trading using opposite KDA and Reliq Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KDA position performs unexpectedly, Reliq Health 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 Reliq Health will offset losses from the drop in Reliq Health's long position.| KDA vs. HPQ Silicon Resources | KDA vs. NeXGold Mining Corp | KDA vs. Rocky Mountain Liquor | KDA vs. Summa Silver Corp |
| Reliq Health vs. KDA Group | Reliq Health vs. iShares Canadian HYBrid | Reliq Health vs. Altagas Cum Red | Reliq Health vs. iShares Fundamental Hedged |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |