Correlation Between Kindred Group and Zwipe AS
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By analyzing existing cross correlation between Kindred Group plc and Zwipe AS, you can compare the effects of market volatilities on Kindred Group and Zwipe AS 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 Kindred Group with a short position of Zwipe AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kindred Group and Zwipe AS.
Diversification Opportunities for Kindred Group and Zwipe AS
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kindred and Zwipe is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Kindred Group plc and Zwipe AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zwipe AS and Kindred Group 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 Kindred Group plc are associated (or correlated) with Zwipe AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zwipe AS has no effect on the direction of Kindred Group i.e., Kindred Group and Zwipe AS go up and down completely randomly.
Pair Corralation between Kindred Group and Zwipe AS
Assuming the 90 days trading horizon Kindred Group plc is expected to generate 0.01 times more return on investment than Zwipe AS. However, Kindred Group plc is 79.07 times less risky than Zwipe AS. It trades about 1.16 of its potential returns per unit of risk. Zwipe AS is currently generating about -0.31 per unit of risk. If you would invest 12,750 in Kindred Group plc on August 29, 2024 and sell it today you would earn a total of 160.00 from holding Kindred Group plc or generate 1.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 52.17% |
| Values | Daily Returns |
Kindred Group plc vs. Zwipe AS
Performance |
| Timeline |
| Kindred Group plc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
| Zwipe AS |
Kindred Group and Zwipe AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kindred Group and Zwipe AS
The main advantage of trading using opposite Kindred Group and Zwipe AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kindred Group position performs unexpectedly, Zwipe AS 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 Zwipe AS will offset losses from the drop in Zwipe AS's long position.| Kindred Group vs. Betsson AB | Kindred Group vs. Evolution AB | Kindred Group vs. Embracer Group AB | Kindred Group vs. Catena Media plc |
| Zwipe AS vs. Goobit Group AB | Zwipe AS vs. CoinShares International | Zwipe AS vs. Zignsec AB | Zwipe AS vs. Checkin Group AB |
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 CEOs Directory module to screen CEOs from public companies around the world.
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