Correlation Between Kamada and Mobile Max
Can any of the company-specific risk be diversified away by investing in both Kamada and Mobile Max 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 Kamada and Mobile Max into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kamada and Mobile Max M, you can compare the effects of market volatilities on Kamada and Mobile Max 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 Kamada with a short position of Mobile Max. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kamada and Mobile Max.
Diversification Opportunities for Kamada and Mobile Max
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kamada and Mobile is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Kamada and Mobile Max M in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mobile Max M and Kamada 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 Kamada are associated (or correlated) with Mobile Max. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mobile Max M has no effect on the direction of Kamada i.e., Kamada and Mobile Max go up and down completely randomly.
Pair Corralation between Kamada and Mobile Max
Assuming the 90 days trading horizon Kamada is expected to generate 0.93 times more return on investment than Mobile Max. However, Kamada is 1.07 times less risky than Mobile Max. It trades about 0.09 of its potential returns per unit of risk. Mobile Max M is currently generating about -0.56 per unit of risk. If you would invest 205,900 in Kamada on August 30, 2024 and sell it today you would earn a total of 6,200 from holding Kamada or generate 3.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kamada vs. Mobile Max M
Performance |
| Timeline |
| Kamada |
| Mobile Max M |
Kamada and Mobile Max Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kamada and Mobile Max
The main advantage of trading using opposite Kamada and Mobile Max positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kamada position performs unexpectedly, Mobile Max 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 Mobile Max will offset losses from the drop in Mobile Max's long position.| Kamada vs. Kamada | Kamada vs. Teva Pharmaceutical Industries | Kamada vs. Tower Semiconductor | Kamada vs. Elbit Systems |
| Mobile Max vs. B Communications | Mobile Max vs. Nova | Mobile Max vs. Petrochemical | Mobile Max vs. Israel Opportunity |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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