Correlation Between KORE Group and FingerMotion
Can any of the company-specific risk be diversified away by investing in both KORE Group and FingerMotion 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 KORE Group and FingerMotion into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KORE Group Holdings and FingerMotion, you can compare the effects of market volatilities on KORE Group and FingerMotion 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 KORE Group with a short position of FingerMotion. Check out your portfolio center. Please also check ongoing floating volatility patterns of KORE Group and FingerMotion.
Diversification Opportunities for KORE Group and FingerMotion
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between KORE and FingerMotion is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding KORE Group Holdings and FingerMotion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FingerMotion and KORE Group 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 KORE Group Holdings are associated (or correlated) with FingerMotion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FingerMotion has no effect on the direction of KORE Group i.e., KORE Group and FingerMotion go up and down completely randomly.
Pair Corralation between KORE Group and FingerMotion
Given the investment horizon of 90 days KORE Group Holdings is expected to generate 1.32 times more return on investment than FingerMotion. However, KORE Group is 1.32 times more volatile than FingerMotion. It trades about 0.0 of its potential returns per unit of risk. FingerMotion is currently generating about 0.0 per unit of risk. If you would invest 459.00 in KORE Group Holdings on November 3, 2024 and sell it today you would lose (230.00) from holding KORE Group Holdings or give up 50.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
KORE Group Holdings vs. FingerMotion
Performance |
| Timeline |
| KORE Group Holdings |
| FingerMotion |
KORE Group and FingerMotion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KORE Group and FingerMotion
The main advantage of trading using opposite KORE Group and FingerMotion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KORE Group position performs unexpectedly, FingerMotion 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 FingerMotion will offset losses from the drop in FingerMotion's long position.| KORE Group vs. Liberty Broadband Srs | KORE Group vs. Cable One | KORE Group vs. Liberty Broadband Corp | KORE Group vs. Telkom Indonesia Tbk |
| FingerMotion vs. Liberty Broadband Srs | FingerMotion vs. KT Corporation | FingerMotion vs. Liberty Broadband Srs | FingerMotion vs. KORE Group 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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