Correlation Between NewHold Investment and Kura Sushi
Can any of the company-specific risk be diversified away by investing in both NewHold Investment and Kura Sushi 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 NewHold Investment and Kura Sushi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NewHold Investment Corp and Kura Sushi USA, you can compare the effects of market volatilities on NewHold Investment and Kura Sushi 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 NewHold Investment with a short position of Kura Sushi. Check out your portfolio center. Please also check ongoing floating volatility patterns of NewHold Investment and Kura Sushi.
Diversification Opportunities for NewHold Investment and Kura Sushi
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NewHold and Kura is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NewHold Investment Corp and Kura Sushi USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kura Sushi USA and NewHold Investment 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 NewHold Investment Corp are associated (or correlated) with Kura Sushi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kura Sushi USA has no effect on the direction of NewHold Investment i.e., NewHold Investment and Kura Sushi go up and down completely randomly.
Pair Corralation between NewHold Investment and Kura Sushi
If you would invest 7,695 in Kura Sushi USA on September 12, 2024 and sell it today you would earn a total of 2,344 from holding Kura Sushi USA or generate 30.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.59% |
| Values | Daily Returns |
NewHold Investment Corp vs. Kura Sushi USA
Performance |
| Timeline |
| NewHold Investment Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kura Sushi USA |
NewHold Investment and Kura Sushi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NewHold Investment and Kura Sushi
The main advantage of trading using opposite NewHold Investment and Kura Sushi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NewHold Investment position performs unexpectedly, Kura Sushi 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 Kura Sushi will offset losses from the drop in Kura Sushi's long position.| NewHold Investment vs. Mediag3 | NewHold Investment vs. CF Industries Holdings | NewHold Investment vs. RCS MediaGroup SpA | NewHold Investment vs. Xponential Fitness |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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