Correlation Between NYSE Composite and Kirin Holdings
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and Kirin Holdings 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 NYSE Composite and Kirin Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and Kirin Holdings Co, you can compare the effects of market volatilities on NYSE Composite and Kirin Holdings 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 NYSE Composite with a short position of Kirin Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Kirin Holdings.
Diversification Opportunities for NYSE Composite and Kirin Holdings
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NYSE and Kirin is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Kirin Holdings Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kirin Holdings and NYSE Composite 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 NYSE Composite are associated (or correlated) with Kirin Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kirin Holdings has no effect on the direction of NYSE Composite i.e., NYSE Composite and Kirin Holdings go up and down completely randomly.
Pair Corralation between NYSE Composite and Kirin Holdings
If you would invest 1,954,967 in NYSE Composite on August 28, 2024 and sell it today you would earn a total of 67,069 from holding NYSE Composite or generate 3.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
NYSE Composite vs. Kirin Holdings Co
Performance |
| Timeline |
NYSE Composite and Kirin Holdings Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Kirin Holdings Co
Pair trading matchups for Kirin Holdings
Pair Trading with NYSE Composite and Kirin Holdings
The main advantage of trading using opposite NYSE Composite and Kirin Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Kirin Holdings 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 Kirin Holdings will offset losses from the drop in Kirin Holdings' long position.| NYSE Composite vs. Vita Coco | NYSE Composite vs. Franklin Wireless Corp | NYSE Composite vs. Ambev SA ADR | NYSE Composite vs. Toro Co |
| Kirin Holdings vs. Tsingtao Brewery Co | Kirin Holdings vs. Suntory Beverage Food | Kirin Holdings vs. Heineken NV | Kirin Holdings vs. Compania Cervecerias Unidas |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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