Correlation Between Kinetik Holdings and Iss AS
Can any of the company-specific risk be diversified away by investing in both Kinetik Holdings and Iss AS 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 Iss AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinetik Holdings and Iss AS ADR, you can compare the effects of market volatilities on Kinetik Holdings and Iss AS 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 Iss AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinetik Holdings and Iss AS.
Diversification Opportunities for Kinetik Holdings and Iss AS
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kinetik and Iss is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Kinetik Holdings and Iss AS ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iss AS ADR 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 Iss AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iss AS ADR has no effect on the direction of Kinetik Holdings i.e., Kinetik Holdings and Iss AS go up and down completely randomly.
Pair Corralation between Kinetik Holdings and Iss AS
If you would invest 5,457 in Kinetik Holdings on October 20, 2024 and sell it today you would earn a total of 1,060 from holding Kinetik Holdings or generate 19.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Kinetik Holdings vs. Iss AS ADR
Performance |
| Timeline |
| Kinetik Holdings |
| Iss AS ADR |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kinetik Holdings and Iss AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinetik Holdings and Iss AS
The main advantage of trading using opposite Kinetik Holdings and Iss AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinetik Holdings position performs unexpectedly, Iss AS 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 Iss AS will offset losses from the drop in Iss AS's long position.| Kinetik Holdings vs. Western Midstream Partners | Kinetik Holdings vs. DT Midstream | Kinetik Holdings vs. MPLX LP | Kinetik Holdings vs. Hess Midstream Partners |
| Iss AS vs. Cass Information Systems | Iss AS vs. First Advantage Corp | Iss AS vs. Rentokil Initial PLC | Iss AS vs. CBIZ Inc |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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