Correlation Between Keeley International and Keeley Mid
Can any of the company-specific risk be diversified away by investing in both Keeley International and Keeley Mid 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 Keeley International and Keeley Mid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Keeley International Small and Keeley Mid Cap, you can compare the effects of market volatilities on Keeley International and Keeley Mid 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 Keeley International with a short position of Keeley Mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeley International and Keeley Mid.
Diversification Opportunities for Keeley International and Keeley Mid
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Keeley and Keeley is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Keeley International Small and Keeley Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keeley Mid Cap and Keeley International 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 Keeley International Small are associated (or correlated) with Keeley Mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keeley Mid Cap has no effect on the direction of Keeley International i.e., Keeley International and Keeley Mid go up and down completely randomly.
Pair Corralation between Keeley International and Keeley Mid
If you would invest 0.00 in Keeley Mid Cap on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Keeley Mid Cap or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeley International Small vs. Keeley Mid Cap
Performance |
| Timeline |
| Keeley International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Keeley Mid Cap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Keeley International and Keeley Mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeley International and Keeley Mid
The main advantage of trading using opposite Keeley International and Keeley Mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeley International position performs unexpectedly, Keeley Mid 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 Keeley Mid will offset losses from the drop in Keeley Mid's long position.The idea behind Keeley International Small and Keeley Mid Cap pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
| Keeley Mid vs. Global Gold Fund | Keeley Mid vs. Goldman Sachs Clean | Keeley Mid vs. Gold And Precious | Keeley Mid vs. Gabelli Gold Fund |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |