Correlation Between Oneview Healthcare and Kkr Credit
Can any of the company-specific risk be diversified away by investing in both Oneview Healthcare 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 Oneview Healthcare and Kkr Credit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oneview Healthcare PLC and Kkr Credit Income, you can compare the effects of market volatilities on Oneview Healthcare 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 Oneview Healthcare with a short position of Kkr Credit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oneview Healthcare and Kkr Credit.
Diversification Opportunities for Oneview Healthcare and Kkr Credit
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oneview and Kkr is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Oneview Healthcare PLC 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 Oneview Healthcare 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 Oneview Healthcare PLC 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 Oneview Healthcare i.e., Oneview Healthcare and Kkr Credit go up and down completely randomly.
Pair Corralation between Oneview Healthcare and Kkr Credit
Assuming the 90 days trading horizon Oneview Healthcare PLC is expected to generate 5.49 times more return on investment than Kkr Credit. However, Oneview Healthcare is 5.49 times more volatile than Kkr Credit Income. It trades about 0.06 of its potential returns per unit of risk. Kkr Credit Income is currently generating about 0.09 per unit of risk. If you would invest 11.00 in Oneview Healthcare PLC on October 18, 2024 and sell it today you would earn a total of 17.00 from holding Oneview Healthcare PLC or generate 154.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Oneview Healthcare PLC vs. Kkr Credit Income
Performance |
| Timeline |
| Oneview Healthcare PLC |
| Kkr Credit Income |
Oneview Healthcare and Kkr Credit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oneview Healthcare and Kkr Credit
The main advantage of trading using opposite Oneview Healthcare and Kkr Credit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oneview Healthcare 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.| Oneview Healthcare vs. IDP Education | Oneview Healthcare vs. Home Consortium | Oneview Healthcare vs. Black Rock Mining | Oneview Healthcare vs. Dexus Convenience Retail |
| Kkr Credit vs. National Storage REIT | Kkr Credit vs. Australian Strategic Materials | Kkr Credit vs. Oneview Healthcare PLC | Kkr Credit vs. Health and Plant |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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