Correlation Between KULR Technology and WB Burgers
Can any of the company-specific risk be diversified away by investing in both KULR Technology and WB Burgers 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 KULR Technology and WB Burgers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KULR Technology Group and WB Burgers Asia, you can compare the effects of market volatilities on KULR Technology and WB Burgers 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 KULR Technology with a short position of WB Burgers. Check out your portfolio center. Please also check ongoing floating volatility patterns of KULR Technology and WB Burgers.
Diversification Opportunities for KULR Technology and WB Burgers
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between KULR and WBBA is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding KULR Technology Group and WB Burgers Asia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WB Burgers Asia and KULR Technology 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 KULR Technology Group are associated (or correlated) with WB Burgers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WB Burgers Asia has no effect on the direction of KULR Technology i.e., KULR Technology and WB Burgers go up and down completely randomly.
Pair Corralation between KULR Technology and WB Burgers
If you would invest 40.00 in WB Burgers Asia on October 21, 2024 and sell it today you would earn a total of 0.00 from holding WB Burgers Asia or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
KULR Technology Group vs. WB Burgers Asia
Performance |
| Timeline |
| KULR Technology Group |
| WB Burgers Asia |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
KULR Technology and WB Burgers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KULR Technology and WB Burgers
The main advantage of trading using opposite KULR Technology and WB Burgers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KULR Technology position performs unexpectedly, WB Burgers 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 WB Burgers will offset losses from the drop in WB Burgers' long position.| KULR Technology vs. Richardson Electronics | KULR Technology vs. Interlink Electronics | KULR Technology vs. SigmaTron International | KULR Technology vs. Maris Tech |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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