Correlation Between Knightscope and Antilles Gold
Can any of the company-specific risk be diversified away by investing in both Knightscope and Antilles Gold 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 Knightscope and Antilles Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Knightscope and Antilles Gold Limited, you can compare the effects of market volatilities on Knightscope and Antilles Gold 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 Knightscope with a short position of Antilles Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Knightscope and Antilles Gold.
Diversification Opportunities for Knightscope and Antilles Gold
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Knightscope and Antilles is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Knightscope and Antilles Gold Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Antilles Gold Limited and Knightscope 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 Knightscope are associated (or correlated) with Antilles Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Antilles Gold Limited has no effect on the direction of Knightscope i.e., Knightscope and Antilles Gold go up and down completely randomly.
Pair Corralation between Knightscope and Antilles Gold
Given the investment horizon of 90 days Knightscope is expected to generate 3.96 times less return on investment than Antilles Gold. But when comparing it to its historical volatility, Knightscope is 1.41 times less risky than Antilles Gold. It trades about 0.11 of its potential returns per unit of risk. Antilles Gold Limited is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 0.22 in Antilles Gold Limited on August 25, 2024 and sell it today you would earn a total of 0.38 from holding Antilles Gold Limited or generate 172.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Knightscope vs. Antilles Gold Limited
Performance |
| Timeline |
| Knightscope |
| Antilles Gold Limited |
Knightscope and Antilles Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Knightscope and Antilles Gold
The main advantage of trading using opposite Knightscope and Antilles Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Knightscope position performs unexpectedly, Antilles Gold 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 Antilles Gold will offset losses from the drop in Antilles Gold's long position.| Knightscope vs. LogicMark | Knightscope vs. Guardforce AI Co | Knightscope vs. Bridger Aerospace Group | Knightscope vs. Iveda Solutions |
| Antilles Gold vs. Aurion Resources | Antilles Gold vs. Liberty Gold Corp | Antilles Gold vs. Rio2 Limited | Antilles Gold vs. Orezone Gold Corp |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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