Correlation Between Kennedy Wilson and Ucommune International
Can any of the company-specific risk be diversified away by investing in both Kennedy Wilson and Ucommune International 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 Kennedy Wilson and Ucommune International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kennedy Wilson Holdings and Ucommune International, you can compare the effects of market volatilities on Kennedy Wilson and Ucommune International 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 Kennedy Wilson with a short position of Ucommune International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kennedy Wilson and Ucommune International.
Diversification Opportunities for Kennedy Wilson and Ucommune International
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kennedy and Ucommune is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Kennedy Wilson Holdings and Ucommune International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ucommune International and Kennedy Wilson 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 Kennedy Wilson Holdings are associated (or correlated) with Ucommune International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ucommune International has no effect on the direction of Kennedy Wilson i.e., Kennedy Wilson and Ucommune International go up and down completely randomly.
Pair Corralation between Kennedy Wilson and Ucommune International
Allowing for the 90-day total investment horizon Kennedy Wilson Holdings is expected to generate 0.3 times more return on investment than Ucommune International. However, Kennedy Wilson Holdings is 3.33 times less risky than Ucommune International. It trades about -0.02 of its potential returns per unit of risk. Ucommune International is currently generating about -0.03 per unit of risk. If you would invest 1,544 in Kennedy Wilson Holdings on August 31, 2024 and sell it today you would lose (386.00) from holding Kennedy Wilson Holdings or give up 25.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kennedy Wilson Holdings vs. Ucommune International
Performance |
| Timeline |
| Kennedy Wilson Holdings |
| Ucommune International |
Kennedy Wilson and Ucommune International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kennedy Wilson and Ucommune International
The main advantage of trading using opposite Kennedy Wilson and Ucommune International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kennedy Wilson position performs unexpectedly, Ucommune International 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 Ucommune International will offset losses from the drop in Ucommune International's long position.| Kennedy Wilson vs. Frp Holdings Ord | Kennedy Wilson vs. Transcontinental Realty Investors | Kennedy Wilson vs. Anywhere Real Estate | Kennedy Wilson vs. Re Max Holding |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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