Correlation Between Kingsway Financial and 197677AG2
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By analyzing existing cross correlation between Kingsway Financial Services and HCA 769 percent, you can compare the effects of market volatilities on Kingsway Financial and 197677AG2 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 197677AG2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsway Financial and 197677AG2.
Diversification Opportunities for Kingsway Financial and 197677AG2
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kingsway and 197677AG2 is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Kingsway Financial Services and HCA 769 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HCA 769 percent 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 197677AG2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HCA 769 percent has no effect on the direction of Kingsway Financial i.e., Kingsway Financial and 197677AG2 go up and down completely randomly.
Pair Corralation between Kingsway Financial and 197677AG2
Considering the 90-day investment horizon Kingsway Financial Services is expected to under-perform the 197677AG2. In addition to that, Kingsway Financial is 5.22 times more volatile than HCA 769 percent. It trades about -0.28 of its total potential returns per unit of risk. HCA 769 percent is currently generating about 0.1 per unit of volatility. If you would invest 10,118 in HCA 769 percent on October 25, 2024 and sell it today you would earn a total of 45.00 from holding HCA 769 percent or generate 0.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Kingsway Financial Services vs. HCA 769 percent
Performance |
| Timeline |
| Kingsway Financial |
| HCA 769 percent |
Kingsway Financial and 197677AG2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsway Financial and 197677AG2
The main advantage of trading using opposite Kingsway Financial and 197677AG2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsway Financial position performs unexpectedly, 197677AG2 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 197677AG2 will offset losses from the drop in 197677AG2'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 |
| 197677AG2 vs. Skechers USA | 197677AG2 vs. InfuSystems Holdings | 197677AG2 vs. Portillos | 197677AG2 vs. Intuitive Surgical |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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