Correlation Between Kinetik Holdings and Here Media

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Can any of the company-specific risk be diversified away by investing in both Kinetik Holdings and Here Media 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 Kinetik Holdings and Here Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinetik Holdings and Here Media, you can compare the effects of market volatilities on Kinetik Holdings and Here Media 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 Kinetik Holdings with a short position of Here Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinetik Holdings and Here Media.

Diversification Opportunities for Kinetik Holdings and Here Media

KinetikHereDiversified AwayKinetikHereDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Kinetik and Here is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinetik Holdings and Here Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Here Media and Kinetik Holdings 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 Kinetik Holdings are associated (or correlated) with Here Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Here Media has no effect on the direction of Kinetik Holdings i.e., Kinetik Holdings and Here Media go up and down completely randomly.

Pair Corralation between Kinetik Holdings and Here Media

Given the investment horizon of 90 days Kinetik Holdings is expected to generate 1.17 times less return on investment than Here Media. But when comparing it to its historical volatility, Kinetik Holdings is 2.56 times less risky than Here Media. It trades about 0.1 of its potential returns per unit of risk. Here Media is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  0.01  in Here Media on November 27, 2024 and sell it today you would earn a total of  0.01  from holding Here Media or generate 100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.16%
ValuesDaily Returns

Kinetik Holdings  vs.  Here Media

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -5051015
JavaScript chart by amCharts 3.21.15KNTK HRDIL
       Timeline  
Kinetik Holdings 

Risk-Adjusted Performance

Weak

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Kinetik Holdings are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite quite persistent basic indicators, Kinetik Holdings is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb54565860626466
Here Media 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Here Media has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent forward indicators, Here Media is not utilizing all of its potentials. The newest stock price mess, may contribute to short-term losses for the institutional investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.00020.0002050.000210.000215

Kinetik Holdings and Here Media Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-6.73-5.04-3.35-1.660.02811.683.395.16.81 0.020.040.060.08
JavaScript chart by amCharts 3.21.15KNTK HRDIL
       Returns  

Pair Trading with Kinetik Holdings and Here Media

The main advantage of trading using opposite Kinetik Holdings and Here Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinetik Holdings position performs unexpectedly, Here Media 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 Here Media will offset losses from the drop in Here Media's long position.
The idea behind Kinetik Holdings and Here Media pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.

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