Correlation Between Mogo and KONE Oyj
Can any of the company-specific risk be diversified away by investing in both Mogo and KONE Oyj 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 Mogo and KONE Oyj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mogo Inc and KONE Oyj, you can compare the effects of market volatilities on Mogo and KONE Oyj 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 Mogo with a short position of KONE Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mogo and KONE Oyj.
Diversification Opportunities for Mogo and KONE Oyj
Pay attention - limited upside
The 3 months correlation between Mogo and KONE is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Mogo Inc and KONE Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KONE Oyj and Mogo 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 Mogo Inc are associated (or correlated) with KONE Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KONE Oyj has no effect on the direction of Mogo i.e., Mogo and KONE Oyj go up and down completely randomly.
Pair Corralation between Mogo and KONE Oyj
If you would invest 5,175 in KONE Oyj on October 20, 2024 and sell it today you would earn a total of 0.00 from holding KONE Oyj or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mogo Inc vs. KONE Oyj
Performance |
| Timeline |
| Mogo Inc |
| KONE Oyj |
Mogo and KONE Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mogo and KONE Oyj
The main advantage of trading using opposite Mogo and KONE Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mogo position performs unexpectedly, KONE Oyj 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 KONE Oyj will offset losses from the drop in KONE Oyj's long position.| Mogo vs. Katapult Holdings Equity | Mogo vs. International Money Express | Mogo vs. Bakkt Holdings | Mogo vs. Kaltura |
| KONE Oyj vs. Spirax Sarco Engineering PLC | KONE Oyj vs. Atlas Copco ADR | KONE Oyj vs. Vestas Wind Systems | KONE Oyj vs. IDEX Corporation |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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