Correlation Between KwikClick and MIND CTI
Can any of the company-specific risk be diversified away by investing in both KwikClick and MIND CTI 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 KwikClick and MIND CTI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KwikClick and MIND CTI, you can compare the effects of market volatilities on KwikClick and MIND CTI 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 KwikClick with a short position of MIND CTI. Check out your portfolio center. Please also check ongoing floating volatility patterns of KwikClick and MIND CTI.
Diversification Opportunities for KwikClick and MIND CTI
Excellent diversification
The 3 months correlation between KwikClick and MIND is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding KwikClick and MIND CTI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MIND CTI and KwikClick 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 KwikClick are associated (or correlated) with MIND CTI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MIND CTI has no effect on the direction of KwikClick i.e., KwikClick and MIND CTI go up and down completely randomly.
Pair Corralation between KwikClick and MIND CTI
Given the investment horizon of 90 days KwikClick is expected to generate 11.18 times more return on investment than MIND CTI. However, KwikClick is 11.18 times more volatile than MIND CTI. It trades about 0.03 of its potential returns per unit of risk. MIND CTI is currently generating about 0.02 per unit of risk. If you would invest 136.00 in KwikClick on August 31, 2024 and sell it today you would lose (126.00) from holding KwikClick or give up 92.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
KwikClick vs. MIND CTI
Performance |
| Timeline |
| KwikClick |
| MIND CTI |
KwikClick and MIND CTI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KwikClick and MIND CTI
The main advantage of trading using opposite KwikClick and MIND CTI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KwikClick position performs unexpectedly, MIND CTI 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 MIND CTI will offset losses from the drop in MIND CTI's long position.| KwikClick vs. 01 Communique Laboratory | KwikClick vs. LifeSpeak | KwikClick vs. RESAAS Services | KwikClick vs. RenoWorks Software |
| MIND CTI vs. The INX Digital | MIND CTI vs. RenoWorks Software | MIND CTI vs. LifeSpeak | MIND CTI vs. Aware Inc |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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