Correlation Between Nixxy, and Kelly Services
Can any of the company-specific risk be diversified away by investing in both Nixxy, and Kelly Services 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 Nixxy, and Kelly Services into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nixxy, Inc and Kelly Services B, you can compare the effects of market volatilities on Nixxy, and Kelly Services 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 Nixxy, with a short position of Kelly Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nixxy, and Kelly Services.
Diversification Opportunities for Nixxy, and Kelly Services
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nixxy, and Kelly is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Nixxy, Inc and Kelly Services B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kelly Services B and Nixxy, 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 Nixxy, Inc are associated (or correlated) with Kelly Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kelly Services B has no effect on the direction of Nixxy, i.e., Nixxy, and Kelly Services go up and down completely randomly.
Pair Corralation between Nixxy, and Kelly Services
Given the investment horizon of 90 days Nixxy, Inc is expected to generate 4.48 times more return on investment than Kelly Services. However, Nixxy, is 4.48 times more volatile than Kelly Services B. It trades about 0.02 of its potential returns per unit of risk. Kelly Services B is currently generating about 0.01 per unit of risk. If you would invest 585.00 in Nixxy, Inc on August 30, 2024 and sell it today you would lose (337.00) from holding Nixxy, Inc or give up 57.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nixxy, Inc vs. Kelly Services B
Performance |
| Timeline |
| Nixxy, Inc |
| Kelly Services B |
Nixxy, and Kelly Services Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nixxy, and Kelly Services
The main advantage of trading using opposite Nixxy, and Kelly Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nixxy, position performs unexpectedly, Kelly Services 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 Kelly Services will offset losses from the drop in Kelly Services' long position.The idea behind Nixxy, Inc and Kelly Services B pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Kelly Services vs. Heidrick Struggles International | Kelly Services vs. Kforce Inc | Kelly Services vs. Korn Ferry | Kelly Services vs. Kelly Services A |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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