Correlation Between Kura Sushi and Infinity Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Kura Sushi and Infinity Pharmaceuticals 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 Kura Sushi and Infinity Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kura Sushi USA and Infinity Pharmaceuticals, you can compare the effects of market volatilities on Kura Sushi and Infinity Pharmaceuticals 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 Kura Sushi with a short position of Infinity Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kura Sushi and Infinity Pharmaceuticals.
Diversification Opportunities for Kura Sushi and Infinity Pharmaceuticals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kura and Infinity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kura Sushi USA and Infinity Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Infinity Pharmaceuticals and Kura Sushi 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 Kura Sushi USA are associated (or correlated) with Infinity Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Infinity Pharmaceuticals has no effect on the direction of Kura Sushi i.e., Kura Sushi and Infinity Pharmaceuticals go up and down completely randomly.
Pair Corralation between Kura Sushi and Infinity Pharmaceuticals
Given the investment horizon of 90 days Kura Sushi is expected to generate 12.84 times less return on investment than Infinity Pharmaceuticals. But when comparing it to its historical volatility, Kura Sushi USA is 12.36 times less risky than Infinity Pharmaceuticals. It trades about 0.04 of its potential returns per unit of risk. Infinity Pharmaceuticals is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 46.00 in Infinity Pharmaceuticals on September 4, 2024 and sell it today you would lose (45.99) from holding Infinity Pharmaceuticals or give up 99.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kura Sushi USA vs. Infinity Pharmaceuticals
Performance |
| Timeline |
| Kura Sushi USA |
| Infinity Pharmaceuticals |
Kura Sushi and Infinity Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kura Sushi and Infinity Pharmaceuticals
The main advantage of trading using opposite Kura Sushi and Infinity Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kura Sushi position performs unexpectedly, Infinity Pharmaceuticals 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 Infinity Pharmaceuticals will offset losses from the drop in Infinity Pharmaceuticals' long position.| Kura Sushi vs. Brinker International | Kura Sushi vs. Dennys Corp | Kura Sushi vs. Bloomin Brands | Kura Sushi vs. Jack In The |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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