Correlation Between Navigator Global and Kkr Credit
Can any of the company-specific risk be diversified away by investing in both Navigator Global and Kkr Credit 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 Navigator Global and Kkr Credit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Navigator Global Investments and Kkr Credit Income, you can compare the effects of market volatilities on Navigator Global and Kkr Credit 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 Navigator Global with a short position of Kkr Credit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Navigator Global and Kkr Credit.
Diversification Opportunities for Navigator Global and Kkr Credit
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Navigator and Kkr is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Navigator Global Investments and Kkr Credit Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kkr Credit Income and Navigator Global 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 Navigator Global Investments are associated (or correlated) with Kkr Credit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kkr Credit Income has no effect on the direction of Navigator Global i.e., Navigator Global and Kkr Credit go up and down completely randomly.
Pair Corralation between Navigator Global and Kkr Credit
Assuming the 90 days trading horizon Navigator Global Investments is expected to under-perform the Kkr Credit. In addition to that, Navigator Global is 3.77 times more volatile than Kkr Credit Income. It trades about 0.0 of its total potential returns per unit of risk. Kkr Credit Income is currently generating about 0.1 per unit of volatility. If you would invest 217.00 in Kkr Credit Income on November 7, 2024 and sell it today you would earn a total of 18.00 from holding Kkr Credit Income or generate 8.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Navigator Global Investments vs. Kkr Credit Income
Performance |
| Timeline |
| Navigator Global Inv |
| Kkr Credit Income |
Navigator Global and Kkr Credit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Navigator Global and Kkr Credit
The main advantage of trading using opposite Navigator Global and Kkr Credit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Navigator Global position performs unexpectedly, Kkr Credit 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 Kkr Credit will offset losses from the drop in Kkr Credit's long position.| Navigator Global vs. Stelar Metals | Navigator Global vs. Globe Metals Mining | Navigator Global vs. Sayona Mining | Navigator Global vs. Talisman Mining |
| Kkr Credit vs. Westpac Banking | Kkr Credit vs. ABACUS STORAGE KING | Kkr Credit vs. Odyssey Energy | Kkr Credit vs. BSP Financial Group |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |