Correlation Between Knightscope and Aya Gold
Can any of the company-specific risk be diversified away by investing in both Knightscope and Aya 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 Aya Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Knightscope and Aya Gold Silver, you can compare the effects of market volatilities on Knightscope and Aya 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 Aya Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Knightscope and Aya Gold.
Diversification Opportunities for Knightscope and Aya Gold
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Knightscope and Aya is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Knightscope and Aya Gold Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aya Gold Silver 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 Aya Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aya Gold Silver has no effect on the direction of Knightscope i.e., Knightscope and Aya Gold go up and down completely randomly.
Pair Corralation between Knightscope and Aya Gold
Given the investment horizon of 90 days Knightscope is expected to generate 2.7 times more return on investment than Aya Gold. However, Knightscope is 2.7 times more volatile than Aya Gold Silver. It trades about 0.04 of its potential returns per unit of risk. Aya Gold Silver is currently generating about 0.04 per unit of risk. If you would invest 2,265 in Knightscope on August 31, 2024 and sell it today you would lose (466.00) from holding Knightscope or give up 20.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Knightscope vs. Aya Gold Silver
Performance |
| Timeline |
| Knightscope |
| Aya Gold Silver |
Knightscope and Aya Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Knightscope and Aya Gold
The main advantage of trading using opposite Knightscope and Aya Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Knightscope position performs unexpectedly, Aya 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 Aya Gold will offset losses from the drop in Aya Gold's long position.| Knightscope vs. LogicMark | Knightscope vs. Guardforce AI Co | Knightscope vs. Bridger Aerospace Group | Knightscope vs. Iveda Solutions |
| Aya Gold vs. TVI Pacific | Aya Gold vs. Industrias Penoles Sab | Aya Gold vs. HUMANA INC | Aya Gold vs. SCOR PK |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |