Correlation Between 36Kr Holdings and Viva Entertainment
Can any of the company-specific risk be diversified away by investing in both 36Kr Holdings and Viva Entertainment 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 36Kr Holdings and Viva Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 36Kr Holdings and Viva Entertainment Group, you can compare the effects of market volatilities on 36Kr Holdings and Viva Entertainment 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 36Kr Holdings with a short position of Viva Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36Kr Holdings and Viva Entertainment.
Diversification Opportunities for 36Kr Holdings and Viva Entertainment
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 36Kr and Viva is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding 36Kr Holdings and Viva Entertainment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viva Entertainment and 36Kr 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 36Kr Holdings are associated (or correlated) with Viva Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viva Entertainment has no effect on the direction of 36Kr Holdings i.e., 36Kr Holdings and Viva Entertainment go up and down completely randomly.
Pair Corralation between 36Kr Holdings and Viva Entertainment
If you would invest 0.09 in Viva Entertainment Group on September 21, 2024 and sell it today you would earn a total of 0.00 from holding Viva Entertainment Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.37% |
| Values | Daily Returns |
36Kr Holdings vs. Viva Entertainment Group
Performance |
| Timeline |
| 36Kr Holdings |
| Viva Entertainment |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
36Kr Holdings and Viva Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36Kr Holdings and Viva Entertainment
The main advantage of trading using opposite 36Kr Holdings and Viva Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36Kr Holdings position performs unexpectedly, Viva Entertainment 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 Viva Entertainment will offset losses from the drop in Viva Entertainment's long position.| 36Kr Holdings vs. Southcorp Capital | 36Kr Holdings vs. Frp Holdings Ord | 36Kr Holdings vs. Ucommune International | 36Kr Holdings vs. Ohmyhome Limited Ordinary |
| Viva Entertainment vs. 36Kr Holdings | Viva Entertainment vs. Onfolio Holdings | Viva Entertainment vs. Yelp Inc | Viva Entertainment vs. Snap 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |