Correlation Between Kingsway Financial and Ever Glory
Can any of the company-specific risk be diversified away by investing in both Kingsway Financial and Ever Glory 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 Kingsway Financial and Ever Glory into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kingsway Financial Services and Ever Glory International Group, you can compare the effects of market volatilities on Kingsway Financial and Ever Glory 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 Kingsway Financial with a short position of Ever Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsway Financial and Ever Glory.
Diversification Opportunities for Kingsway Financial and Ever Glory
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kingsway and Ever is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Kingsway Financial Services and Ever Glory International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ever Glory Internati and Kingsway Financial 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 Kingsway Financial Services are associated (or correlated) with Ever Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ever Glory Internati has no effect on the direction of Kingsway Financial i.e., Kingsway Financial and Ever Glory go up and down completely randomly.
Pair Corralation between Kingsway Financial and Ever Glory
If you would invest 16.00 in Ever Glory International Group on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Ever Glory International Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Kingsway Financial Services vs. Ever Glory International Group
Performance |
| Timeline |
| Kingsway Financial |
| Ever Glory Internati |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kingsway Financial and Ever Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsway Financial and Ever Glory
The main advantage of trading using opposite Kingsway Financial and Ever Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsway Financial position performs unexpectedly, Ever Glory 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 Ever Glory will offset losses from the drop in Ever Glory's long position.| Kingsway Financial vs. CarGurus | Kingsway Financial vs. KAR Auction Services | Kingsway Financial vs. Driven Brands Holdings | Kingsway Financial vs. Group 1 Automotive |
| Ever Glory vs. Delta Air Lines | Ever Glory vs. Air Transport Services | Ever Glory vs. Aegean Airlines SA | Ever Glory vs. Herc Holdings |
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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