Correlation Between KNOT Offshore and 00206RKA9
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By analyzing existing cross correlation between KNOT Offshore Partners and ATT INC, you can compare the effects of market volatilities on KNOT Offshore and 00206RKA9 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 KNOT Offshore with a short position of 00206RKA9. Check out your portfolio center. Please also check ongoing floating volatility patterns of KNOT Offshore and 00206RKA9.
Diversification Opportunities for KNOT Offshore and 00206RKA9
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between KNOT and 00206RKA9 is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding KNOT Offshore Partners and ATT INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 00206RKA9 and KNOT Offshore 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 KNOT Offshore Partners are associated (or correlated) with 00206RKA9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 00206RKA9 has no effect on the direction of KNOT Offshore i.e., KNOT Offshore and 00206RKA9 go up and down completely randomly.
Pair Corralation between KNOT Offshore and 00206RKA9
Given the investment horizon of 90 days KNOT Offshore Partners is expected to under-perform the 00206RKA9. In addition to that, KNOT Offshore is 2.88 times more volatile than ATT INC. It trades about -0.01 of its total potential returns per unit of risk. ATT INC is currently generating about -0.02 per unit of volatility. If you would invest 7,751 in ATT INC on September 3, 2024 and sell it today you would lose (895.00) from holding ATT INC or give up 11.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.99% |
| Values | Daily Returns |
KNOT Offshore Partners vs. ATT INC
Performance |
| Timeline |
| KNOT Offshore Partners |
| 00206RKA9 |
KNOT Offshore and 00206RKA9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KNOT Offshore and 00206RKA9
The main advantage of trading using opposite KNOT Offshore and 00206RKA9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KNOT Offshore position performs unexpectedly, 00206RKA9 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 00206RKA9 will offset losses from the drop in 00206RKA9's long position.| KNOT Offshore vs. International Seaways | KNOT Offshore vs. Scorpio Tankers | KNOT Offshore vs. Dorian LPG | KNOT Offshore vs. Teekay Tankers |
| 00206RKA9 vs. Univest Pennsylvania | 00206RKA9 vs. KNOT Offshore Partners | 00206RKA9 vs. World Houseware Limited | 00206RKA9 vs. Virgin Group Acquisition |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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