Correlation Between Kkr Credit and Imugene
Can any of the company-specific risk be diversified away by investing in both Kkr Credit and Imugene 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 Kkr Credit and Imugene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kkr Credit Income and Imugene, you can compare the effects of market volatilities on Kkr Credit and Imugene 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 Kkr Credit with a short position of Imugene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kkr Credit and Imugene.
Diversification Opportunities for Kkr Credit and Imugene
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kkr and Imugene is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Kkr Credit Income and Imugene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imugene and Kkr Credit 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 Kkr Credit Income are associated (or correlated) with Imugene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imugene has no effect on the direction of Kkr Credit i.e., Kkr Credit and Imugene go up and down completely randomly.
Pair Corralation between Kkr Credit and Imugene
Assuming the 90 days trading horizon Kkr Credit Income is expected to generate 0.2 times more return on investment than Imugene. However, Kkr Credit Income is 5.12 times less risky than Imugene. It trades about -0.02 of its potential returns per unit of risk. Imugene is currently generating about -0.11 per unit of risk. If you would invest 232.00 in Kkr Credit Income on September 1, 2024 and sell it today you would lose (1.00) from holding Kkr Credit Income or give up 0.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Kkr Credit Income vs. Imugene
Performance |
| Timeline |
| Kkr Credit Income |
| Imugene |
Kkr Credit and Imugene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kkr Credit and Imugene
The main advantage of trading using opposite Kkr Credit and Imugene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kkr Credit position performs unexpectedly, Imugene 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 Imugene will offset losses from the drop in Imugene's long position.| Kkr Credit vs. Iron Road | Kkr Credit vs. Phoslock Environmental Technologies | Kkr Credit vs. Green Technology Metals | Kkr Credit vs. Legacy Iron Ore |
| Imugene vs. Aneka Tambang Tbk | Imugene vs. Commonwealth Bank | Imugene vs. Commonwealth Bank of | Imugene vs. Australia and New |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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