Correlation Between Kinsale Capital and Wicket Gaming
Can any of the company-specific risk be diversified away by investing in both Kinsale Capital and Wicket Gaming 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 Wicket Gaming 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 Wicket Gaming AB, you can compare the effects of market volatilities on Kinsale Capital and Wicket Gaming 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 Wicket Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinsale Capital and Wicket Gaming.
Diversification Opportunities for Kinsale Capital and Wicket Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinsale and Wicket is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinsale Capital Group and Wicket Gaming AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wicket Gaming AB 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 Wicket Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wicket Gaming AB has no effect on the direction of Kinsale Capital i.e., Kinsale Capital and Wicket Gaming go up and down completely randomly.
Pair Corralation between Kinsale Capital and Wicket Gaming
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 | 52.38% |
| Values | Daily Returns |
Kinsale Capital Group vs. Wicket Gaming AB
Performance |
| Timeline |
| Kinsale Capital Group |
| Wicket Gaming AB |
Kinsale Capital and Wicket Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinsale Capital and Wicket Gaming
The main advantage of trading using opposite Kinsale Capital and Wicket Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinsale Capital position performs unexpectedly, Wicket Gaming 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 Wicket Gaming will offset losses from the drop in Wicket Gaming's long position.| Kinsale Capital vs. Selective Insurance Group | Kinsale Capital vs. Horace Mann Educators | Kinsale Capital vs. Kemper | Kinsale Capital vs. ProAssurance |
| Wicket Gaming vs. CD Projekt SA | Wicket Gaming vs. Playtika Holding Corp | Wicket Gaming vs. Square Enix Holdings | Wicket Gaming vs. Nexon Co Ltd |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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