Correlation Between Karat Packaging and Meet Kevin
Can any of the company-specific risk be diversified away by investing in both Karat Packaging and Meet Kevin 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 Karat Packaging and Meet Kevin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Karat Packaging and The Meet Kevin, you can compare the effects of market volatilities on Karat Packaging and Meet Kevin 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 Karat Packaging with a short position of Meet Kevin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Karat Packaging and Meet Kevin.
Diversification Opportunities for Karat Packaging and Meet Kevin
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Karat and Meet is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Karat Packaging and The Meet Kevin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meet Kevin and Karat Packaging 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 Karat Packaging are associated (or correlated) with Meet Kevin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meet Kevin has no effect on the direction of Karat Packaging i.e., Karat Packaging and Meet Kevin go up and down completely randomly.
Pair Corralation between Karat Packaging and Meet Kevin
If you would invest 2,610 in The Meet Kevin on January 10, 2025 and sell it today you would earn a total of 0.00 from holding The Meet Kevin or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Karat Packaging vs. The Meet Kevin
Performance |
| Timeline |
| Karat Packaging |
| Meet Kevin |
Risk-Adjusted Performance
Good
Weak | Strong |
Karat Packaging and Meet Kevin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Karat Packaging and Meet Kevin
The main advantage of trading using opposite Karat Packaging and Meet Kevin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Karat Packaging position performs unexpectedly, Meet Kevin 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 Meet Kevin will offset losses from the drop in Meet Kevin's long position.| Karat Packaging vs. Greif Bros | Karat Packaging vs. Reynolds Consumer Products | Karat Packaging vs. Silgan Holdings | Karat Packaging vs. O I Glass |
| Meet Kevin vs. Nexalin Technology | Meet Kevin vs. Kilroy Realty Corp | Meet Kevin vs. Highwoods Properties | Meet Kevin vs. Karat Packaging |
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 Stocks Directory module to find actively traded stocks across global markets.
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