Correlation Between Near Intelligence and Kubient
Can any of the company-specific risk be diversified away by investing in both Near Intelligence and Kubient 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 Near Intelligence and Kubient into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Near Intelligence and Kubient, you can compare the effects of market volatilities on Near Intelligence and Kubient 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 Near Intelligence with a short position of Kubient. Check out your portfolio center. Please also check ongoing floating volatility patterns of Near Intelligence and Kubient.
Diversification Opportunities for Near Intelligence and Kubient
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Near and Kubient is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Near Intelligence and Kubient in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kubient and Near Intelligence 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 Near Intelligence are associated (or correlated) with Kubient. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kubient has no effect on the direction of Near Intelligence i.e., Near Intelligence and Kubient go up and down completely randomly.
Pair Corralation between Near Intelligence and Kubient
Considering the 90-day investment horizon Near Intelligence is expected to under-perform the Kubient. In addition to that, Near Intelligence is 2.46 times more volatile than Kubient. It trades about -0.06 of its total potential returns per unit of risk. Kubient is currently generating about -0.04 per unit of volatility. If you would invest 98.00 in Kubient on November 2, 2024 and sell it today you would lose (41.00) from holding Kubient or give up 41.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 78.57% |
| Values | Daily Returns |
Near Intelligence vs. Kubient
Performance |
| Timeline |
| Near Intelligence |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kubient |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Near Intelligence and Kubient Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Near Intelligence and Kubient
The main advantage of trading using opposite Near Intelligence and Kubient positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Near Intelligence position performs unexpectedly, Kubient 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 Kubient will offset losses from the drop in Kubient's long position.| Near Intelligence vs. HeartCore Enterprises | Near Intelligence vs. Trust Stamp | Near Intelligence vs. Quhuo | Near Intelligence vs. Infobird Co |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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