Correlation Between Kinsale Capital and Burns International
Can any of the company-specific risk be diversified away by investing in both Kinsale Capital and Burns International 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 Kinsale Capital and Burns International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinsale Capital Group and Burns International Services, you can compare the effects of market volatilities on Kinsale Capital and Burns International 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 Kinsale Capital with a short position of Burns International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinsale Capital and Burns International.
Diversification Opportunities for Kinsale Capital and Burns International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinsale and Burns is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinsale Capital Group and Burns International Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Burns International and Kinsale Capital 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 Kinsale Capital Group are associated (or correlated) with Burns International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Burns International has no effect on the direction of Kinsale Capital i.e., Kinsale Capital and Burns International go up and down completely randomly.
Pair Corralation between Kinsale Capital and Burns International
If you would invest 47,606 in Kinsale Capital Group on September 12, 2024 and sell it today you would earn a total of 3,581 from holding Kinsale Capital Group or generate 7.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kinsale Capital Group vs. Burns International Services
Performance |
| Timeline |
| Kinsale Capital Group |
| Burns International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kinsale Capital and Burns International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinsale Capital and Burns International
The main advantage of trading using opposite Kinsale Capital and Burns International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinsale Capital position performs unexpectedly, Burns International 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 Burns International will offset losses from the drop in Burns International's long position.| Kinsale Capital vs. Aeye Inc | Kinsale Capital vs. Ep Emerging Markets | Kinsale Capital vs. LiCycle Holdings Corp | Kinsale Capital vs. SEI Investments |
| Burns International vs. Figs Inc | Burns International vs. Algoma Steel Group | Burns International vs. Tianjin Capital Environmental | Burns International vs. Kaiser Aluminum |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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