Correlation Between Kodiak Energy and Panglobal Brands
Can any of the company-specific risk be diversified away by investing in both Kodiak Energy and Panglobal Brands 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 Kodiak Energy and Panglobal Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kodiak Energy and Panglobal Brands, you can compare the effects of market volatilities on Kodiak Energy and Panglobal Brands 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 Kodiak Energy with a short position of Panglobal Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kodiak Energy and Panglobal Brands.
Diversification Opportunities for Kodiak Energy and Panglobal Brands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kodiak and Panglobal is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kodiak Energy and Panglobal Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panglobal Brands and Kodiak Energy 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 Kodiak Energy are associated (or correlated) with Panglobal Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panglobal Brands has no effect on the direction of Kodiak Energy i.e., Kodiak Energy and Panglobal Brands go up and down completely randomly.
Pair Corralation between Kodiak Energy and Panglobal Brands
If you would invest 0.01 in Panglobal Brands on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Panglobal Brands or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.66% |
| Values | Daily Returns |
Kodiak Energy vs. Panglobal Brands
Performance |
| Timeline |
| Kodiak Energy |
| Panglobal Brands |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kodiak Energy and Panglobal Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kodiak Energy and Panglobal Brands
The main advantage of trading using opposite Kodiak Energy and Panglobal Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kodiak Energy position performs unexpectedly, Panglobal Brands 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 Panglobal Brands will offset losses from the drop in Panglobal Brands' long position.| Kodiak Energy vs. Vital Energy | Kodiak Energy vs. SM Energy Co | Kodiak Energy vs. Permian Resources | Kodiak Energy vs. Matador Resources |
| Panglobal Brands vs. Playtika Holding Corp | Panglobal Brands vs. Chimerix | Panglobal Brands vs. Sphere Entertainment Co | Panglobal Brands vs. BCE 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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