Correlation Between Kinsale Capital and Concert Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Kinsale Capital and Concert Pharmaceuticals 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 Concert Pharmaceuticals 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 Concert Pharmaceuticals, you can compare the effects of market volatilities on Kinsale Capital and Concert Pharmaceuticals 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 Concert Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinsale Capital and Concert Pharmaceuticals.
Diversification Opportunities for Kinsale Capital and Concert Pharmaceuticals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinsale and Concert is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinsale Capital Group and Concert Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Concert Pharmaceuticals 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 Concert Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Concert Pharmaceuticals has no effect on the direction of Kinsale Capital i.e., Kinsale Capital and Concert Pharmaceuticals go up and down completely randomly.
Pair Corralation between Kinsale Capital and Concert Pharmaceuticals
If you would invest 49,109 in Kinsale Capital Group on August 30, 2024 and sell it today you would earn a total of 2,436 from holding Kinsale Capital Group or generate 4.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Kinsale Capital Group vs. Concert Pharmaceuticals
Performance |
| Timeline |
| Kinsale Capital Group |
| Concert Pharmaceuticals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kinsale Capital and Concert Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinsale Capital and Concert Pharmaceuticals
The main advantage of trading using opposite Kinsale Capital and Concert Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinsale Capital position performs unexpectedly, Concert Pharmaceuticals 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 Concert Pharmaceuticals will offset losses from the drop in Concert Pharmaceuticals' long position.| Kinsale Capital vs. Selective Insurance Group | Kinsale Capital vs. Horace Mann Educators | Kinsale Capital vs. Kemper | Kinsale Capital vs. ProAssurance |
| Concert Pharmaceuticals vs. Senmiao Technology | Concert Pharmaceuticals vs. Analog Devices | Concert Pharmaceuticals vs. Compania Cervecerias Unidas | Concert Pharmaceuticals vs. Valneva SE ADR |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |