Correlation Between Kelly Services and Hays PLC
Can any of the company-specific risk be diversified away by investing in both Kelly Services and Hays PLC 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 Kelly Services and Hays PLC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kelly Services A and Hays PLC ADR, you can compare the effects of market volatilities on Kelly Services and Hays PLC 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 Kelly Services with a short position of Hays PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kelly Services and Hays PLC.
Diversification Opportunities for Kelly Services and Hays PLC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kelly and Hays is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kelly Services A and Hays PLC ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hays PLC ADR and Kelly Services 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 Kelly Services A are associated (or correlated) with Hays PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hays PLC ADR has no effect on the direction of Kelly Services i.e., Kelly Services and Hays PLC go up and down completely randomly.
Pair Corralation between Kelly Services and Hays PLC
If you would invest (100.00) in Hays PLC ADR on December 4, 2024 and sell it today you would earn a total of 100.00 from holding Hays PLC ADR or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kelly Services A vs. Hays PLC ADR
Performance |
| Timeline |
| Kelly Services A |
| Hays PLC ADR |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Kelly Services and Hays PLC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kelly Services and Hays PLC
The main advantage of trading using opposite Kelly Services and Hays PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kelly Services position performs unexpectedly, Hays PLC 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 Hays PLC will offset losses from the drop in Hays PLC's long position.| Kelly Services vs. Korn Ferry | Kelly Services vs. Heidrick Struggles International | Kelly Services vs. Hudson Global | Kelly Services vs. ManpowerGroup |
| Hays PLC vs. Randstad Holdings NV | Hays PLC vs. Kforce Inc | Hays PLC vs. Recruit Holdings Co | Hays PLC vs. Kelly Services A |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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