Correlation Between Korn Ferry and Intel
Can any of the company-specific risk be diversified away by investing in both Korn Ferry and Intel 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 Korn Ferry and Intel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Korn Ferry and Intel, you can compare the effects of market volatilities on Korn Ferry and Intel 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 Korn Ferry with a short position of Intel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Korn Ferry and Intel.
Diversification Opportunities for Korn Ferry and Intel
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Korn and Intel is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Korn Ferry and Intel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intel and Korn Ferry 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 Korn Ferry are associated (or correlated) with Intel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intel has no effect on the direction of Korn Ferry i.e., Korn Ferry and Intel go up and down completely randomly.
Pair Corralation between Korn Ferry and Intel
Assuming the 90 days horizon Korn Ferry is expected to generate 0.97 times more return on investment than Intel. However, Korn Ferry is 1.03 times less risky than Intel. It trades about 0.23 of its potential returns per unit of risk. Intel is currently generating about 0.08 per unit of risk. If you would invest 6,450 in Korn Ferry on September 2, 2024 and sell it today you would earn a total of 1,000.00 from holding Korn Ferry or generate 15.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Korn Ferry vs. Intel
Performance |
| Timeline |
| Korn Ferry |
| Intel |
Korn Ferry and Intel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Korn Ferry and Intel
The main advantage of trading using opposite Korn Ferry and Intel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Korn Ferry position performs unexpectedly, Intel 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 Intel will offset losses from the drop in Intel's long position.| Korn Ferry vs. SIEM OFFSHORE NEW | Korn Ferry vs. Perdoceo Education | Korn Ferry vs. Tianjin Capital Environmental | Korn Ferry vs. MITSUBISHI STEEL MFG |
| Intel vs. InterContinental Hotels Group | Intel vs. CITY OFFICE REIT | Intel vs. 24SEVENOFFICE GROUP AB | Intel vs. Summit Hotel Properties |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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