Correlation Between 36Kr Holdings and Starbox Group
Can any of the company-specific risk be diversified away by investing in both 36Kr Holdings and Starbox Group 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 Starbox Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 36Kr Holdings and Starbox Group Holdings, you can compare the effects of market volatilities on 36Kr Holdings and Starbox Group 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 Starbox Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36Kr Holdings and Starbox Group.
Diversification Opportunities for 36Kr Holdings and Starbox Group
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 36Kr and Starbox is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding 36Kr Holdings and Starbox Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Starbox Group Holdings 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 Starbox Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Starbox Group Holdings has no effect on the direction of 36Kr Holdings i.e., 36Kr Holdings and Starbox Group go up and down completely randomly.
Pair Corralation between 36Kr Holdings and Starbox Group
Given the investment horizon of 90 days 36Kr Holdings is expected to generate 2.42 times more return on investment than Starbox Group. However, 36Kr Holdings is 2.42 times more volatile than Starbox Group Holdings. It trades about 0.16 of its potential returns per unit of risk. Starbox Group Holdings is currently generating about -0.5 per unit of risk. If you would invest 339.00 in 36Kr Holdings on November 18, 2024 and sell it today you would earn a total of 194.00 from holding 36Kr Holdings or generate 57.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
36Kr Holdings vs. Starbox Group Holdings
Performance |
| Timeline |
| 36Kr Holdings |
| Starbox Group Holdings |
36Kr Holdings and Starbox Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36Kr Holdings and Starbox Group
The main advantage of trading using opposite 36Kr Holdings and Starbox Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36Kr Holdings position performs unexpectedly, Starbox Group 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 Starbox Group will offset losses from the drop in Starbox Group's long position.| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
| Starbox Group vs. Onfolio Holdings | Starbox Group vs. MediaAlpha | Starbox Group vs. Asset Entities Class | Starbox Group vs. Yelp 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |