Correlation Between KINGBOARD CHEMICAL and Eskay Mining
Can any of the company-specific risk be diversified away by investing in both KINGBOARD CHEMICAL and Eskay Mining 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 KINGBOARD CHEMICAL and Eskay Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KINGBOARD CHEMICAL and Eskay Mining Corp, you can compare the effects of market volatilities on KINGBOARD CHEMICAL and Eskay Mining 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 KINGBOARD CHEMICAL with a short position of Eskay Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of KINGBOARD CHEMICAL and Eskay Mining.
Diversification Opportunities for KINGBOARD CHEMICAL and Eskay Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KINGBOARD and Eskay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KINGBOARD CHEMICAL and Eskay Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eskay Mining Corp and KINGBOARD CHEMICAL 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 KINGBOARD CHEMICAL are associated (or correlated) with Eskay Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eskay Mining Corp has no effect on the direction of KINGBOARD CHEMICAL i.e., KINGBOARD CHEMICAL and Eskay Mining go up and down completely randomly.
Pair Corralation between KINGBOARD CHEMICAL and Eskay Mining
If you would invest 224.00 in KINGBOARD CHEMICAL on October 16, 2024 and sell it today you would earn a total of 18.00 from holding KINGBOARD CHEMICAL or generate 8.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.88% |
| Values | Daily Returns |
KINGBOARD CHEMICAL vs. Eskay Mining Corp
Performance |
| Timeline |
| KINGBOARD CHEMICAL |
| Eskay Mining Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
KINGBOARD CHEMICAL and Eskay Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KINGBOARD CHEMICAL and Eskay Mining
The main advantage of trading using opposite KINGBOARD CHEMICAL and Eskay Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KINGBOARD CHEMICAL position performs unexpectedly, Eskay Mining 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 Eskay Mining will offset losses from the drop in Eskay Mining's long position.| KINGBOARD CHEMICAL vs. IMPERIAL TOBACCO | KINGBOARD CHEMICAL vs. CAIRN HOMES EO | KINGBOARD CHEMICAL vs. CarsalesCom | KINGBOARD CHEMICAL vs. OFFICE DEPOT |
| Eskay Mining vs. Plastic Omnium | Eskay Mining vs. Applied Materials | Eskay Mining vs. Rayonier Advanced Materials | Eskay Mining vs. Heidelberg Materials AG |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |