Correlation Between Kforce and Staffing 360
Can any of the company-specific risk be diversified away by investing in both Kforce and Staffing 360 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 Kforce and Staffing 360 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kforce Inc and Staffing 360 Solutions, you can compare the effects of market volatilities on Kforce and Staffing 360 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 Kforce with a short position of Staffing 360. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kforce and Staffing 360.
Diversification Opportunities for Kforce and Staffing 360
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kforce and Staffing is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Kforce Inc and Staffing 360 Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Staffing 360 Solutions and Kforce 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 Kforce Inc are associated (or correlated) with Staffing 360. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Staffing 360 Solutions has no effect on the direction of Kforce i.e., Kforce and Staffing 360 go up and down completely randomly.
Pair Corralation between Kforce and Staffing 360
If you would invest 4,879 in Kforce Inc on December 31, 2024 and sell it today you would earn a total of 22.00 from holding Kforce Inc or generate 0.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Kforce Inc vs. Staffing 360 Solutions
Performance |
| Timeline |
| Kforce Inc |
| Staffing 360 Solutions |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Kforce and Staffing 360 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kforce and Staffing 360
The main advantage of trading using opposite Kforce and Staffing 360 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kforce position performs unexpectedly, Staffing 360 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 Staffing 360 will offset losses from the drop in Staffing 360's long position.| Kforce vs. Heidrick Struggles International | ||
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| Staffing 360 vs. Hudson Global |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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