Correlation Between 36Kr Holdings and Thryv Holdings
Can any of the company-specific risk be diversified away by investing in both 36Kr Holdings and Thryv Holdings 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 Thryv Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 36Kr Holdings and Thryv Holdings, you can compare the effects of market volatilities on 36Kr Holdings and Thryv Holdings 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 Thryv Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36Kr Holdings and Thryv Holdings.
Diversification Opportunities for 36Kr Holdings and Thryv Holdings
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 36Kr and Thryv is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding 36Kr Holdings and Thryv Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thryv 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 Thryv Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thryv Holdings has no effect on the direction of 36Kr Holdings i.e., 36Kr Holdings and Thryv Holdings go up and down completely randomly.
Pair Corralation between 36Kr Holdings and Thryv Holdings
Given the investment horizon of 90 days 36Kr Holdings is expected to under-perform the Thryv Holdings. But the stock apears to be less risky and, when comparing its historical volatility, 36Kr Holdings is 1.36 times less risky than Thryv Holdings. The stock trades about -0.37 of its potential returns per unit of risk. The Thryv Holdings is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 1,795 in Thryv Holdings on August 27, 2024 and sell it today you would lose (232.00) from holding Thryv Holdings or give up 12.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
36Kr Holdings vs. Thryv Holdings
Performance |
| Timeline |
| 36Kr Holdings |
| Thryv Holdings |
36Kr Holdings and Thryv Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36Kr Holdings and Thryv Holdings
The main advantage of trading using opposite 36Kr Holdings and Thryv Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36Kr Holdings position performs unexpectedly, Thryv Holdings 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 Thryv Holdings will offset losses from the drop in Thryv Holdings' long position.| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
| Thryv Holdings vs. Shutterstock | Thryv Holdings vs. IAC Inc | Thryv Holdings vs. Zillow Group | Thryv Holdings vs. PropertyGuru Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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