Correlation Between Kinsale Capital and Omni Health
Can any of the company-specific risk be diversified away by investing in both Kinsale Capital and Omni Health 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 Omni Health 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 Omni Health, you can compare the effects of market volatilities on Kinsale Capital and Omni Health 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 Omni Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinsale Capital and Omni Health.
Diversification Opportunities for Kinsale Capital and Omni Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinsale and Omni is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinsale Capital Group and Omni Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omni Health 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 Omni Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omni Health has no effect on the direction of Kinsale Capital i.e., Kinsale Capital and Omni Health go up and down completely randomly.
Pair Corralation between Kinsale Capital and Omni Health
If you would invest 42,591 in Kinsale Capital Group on September 2, 2024 and sell it today you would earn a total of 8,253 from holding Kinsale Capital Group or generate 19.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Kinsale Capital Group vs. Omni Health
Performance |
| Timeline |
| Kinsale Capital Group |
| Omni Health |
Kinsale Capital and Omni Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinsale Capital and Omni Health
The main advantage of trading using opposite Kinsale Capital and Omni Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinsale Capital position performs unexpectedly, Omni Health 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 Omni Health will offset losses from the drop in Omni Health's long position.| Kinsale Capital vs. Selective Insurance Group | Kinsale Capital vs. Horace Mann Educators | Kinsale Capital vs. Kemper | Kinsale Capital vs. ProAssurance |
| Omni Health vs. Walgreens Boots Alliance | Omni Health vs. PetMed Express | Omni Health vs. China Jo Jo Drugstores | Omni Health vs. Leafly Holdings |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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