Correlation Between Kenon Holdings and Bed Bath
Can any of the company-specific risk be diversified away by investing in both Kenon Holdings and Bed Bath 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 Kenon Holdings and Bed Bath into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kenon Holdings and Bed Bath Beyond, you can compare the effects of market volatilities on Kenon Holdings and Bed Bath 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 Kenon Holdings with a short position of Bed Bath. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kenon Holdings and Bed Bath.
Diversification Opportunities for Kenon Holdings and Bed Bath
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kenon and Bed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kenon Holdings and Bed Bath Beyond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bed Bath Beyond and Kenon 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 Kenon Holdings are associated (or correlated) with Bed Bath. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bed Bath Beyond has no effect on the direction of Kenon Holdings i.e., Kenon Holdings and Bed Bath go up and down completely randomly.
Pair Corralation between Kenon Holdings and Bed Bath
If you would invest 1,978 in Kenon Holdings on September 4, 2024 and sell it today you would earn a total of 1,051 from holding Kenon Holdings or generate 53.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kenon Holdings vs. Bed Bath Beyond
Performance |
| Timeline |
| Kenon Holdings |
| Bed Bath Beyond |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kenon Holdings and Bed Bath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kenon Holdings and Bed Bath
The main advantage of trading using opposite Kenon Holdings and Bed Bath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kenon Holdings position performs unexpectedly, Bed Bath 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 Bed Bath will offset losses from the drop in Bed Bath's long position.| Kenon Holdings vs. Vistra Energy Corp | Kenon Holdings vs. Pampa Energia SA | Kenon Holdings vs. NRG Energy | Kenon Holdings vs. TransAlta Corp |
| Bed Bath vs. Artisan Partners Asset | Bed Bath vs. Ameriprise Financial | Bed Bath vs. Compania Cervecerias Unidas | Bed Bath vs. Teleflex Incorporated |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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