Correlation Between Kinsale Capital and Getty Copper
Can any of the company-specific risk be diversified away by investing in both Kinsale Capital and Getty Copper 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 Getty Copper 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 Getty Copper, you can compare the effects of market volatilities on Kinsale Capital and Getty Copper 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 Getty Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinsale Capital and Getty Copper.
Diversification Opportunities for Kinsale Capital and Getty Copper
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinsale and Getty is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinsale Capital Group and Getty Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Copper 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 Getty Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Copper has no effect on the direction of Kinsale Capital i.e., Kinsale Capital and Getty Copper go up and down completely randomly.
Pair Corralation between Kinsale Capital and Getty Copper
Given the investment horizon of 90 days Kinsale Capital is expected to generate 2.13 times less return on investment than Getty Copper. But when comparing it to its historical volatility, Kinsale Capital Group is 2.94 times less risky than Getty Copper. It trades about 0.06 of its potential returns per unit of risk. Getty Copper is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2.30 in Getty Copper on September 12, 2024 and sell it today you would earn a total of 2.58 from holding Getty Copper or generate 112.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Kinsale Capital Group vs. Getty Copper
Performance |
| Timeline |
| Kinsale Capital Group |
| Getty Copper |
Kinsale Capital and Getty Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinsale Capital and Getty Copper
The main advantage of trading using opposite Kinsale Capital and Getty Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinsale Capital position performs unexpectedly, Getty Copper 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 Getty Copper will offset losses from the drop in Getty Copper'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 |
| Getty Copper vs. Qubec Nickel Corp | Getty Copper vs. IGO Limited | Getty Copper vs. Focus Graphite | Getty Copper vs. Mineral Res |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| 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 | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |