Correlation Between Plug Power and KIMBALL ELECTRONICS
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By analyzing existing cross correlation between Plug Power and KIMBALL ELECTRONICS, you can compare the effects of market volatilities on Plug Power and KIMBALL ELECTRONICS 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 Plug Power with a short position of KIMBALL ELECTRONICS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Plug Power and KIMBALL ELECTRONICS.
Diversification Opportunities for Plug Power and KIMBALL ELECTRONICS
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Plug and KIMBALL is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Plug Power and KIMBALL ELECTRONICS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMBALL ELECTRONICS and Plug Power 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 Plug Power are associated (or correlated) with KIMBALL ELECTRONICS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMBALL ELECTRONICS has no effect on the direction of Plug Power i.e., Plug Power and KIMBALL ELECTRONICS go up and down completely randomly.
Pair Corralation between Plug Power and KIMBALL ELECTRONICS
Assuming the 90 days trading horizon Plug Power is expected to generate 3.91 times more return on investment than KIMBALL ELECTRONICS. However, Plug Power is 3.91 times more volatile than KIMBALL ELECTRONICS. It trades about 0.23 of its potential returns per unit of risk. KIMBALL ELECTRONICS is currently generating about -0.2 per unit of risk. If you would invest 187.00 in Plug Power on September 24, 2024 and sell it today you would earn a total of 57.00 from holding Plug Power or generate 30.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Plug Power vs. KIMBALL ELECTRONICS
Performance |
| Timeline |
| Plug Power |
| KIMBALL ELECTRONICS |
Plug Power and KIMBALL ELECTRONICS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Plug Power and KIMBALL ELECTRONICS
The main advantage of trading using opposite Plug Power and KIMBALL ELECTRONICS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Plug Power position performs unexpectedly, KIMBALL ELECTRONICS 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 KIMBALL ELECTRONICS will offset losses from the drop in KIMBALL ELECTRONICS's long position.| Plug Power vs. Delta Electronics Public | Plug Power vs. YASKAWA ELEC UNSP | Plug Power vs. VERTIV HOLCL A | Plug Power vs. OSRAM LICHT N |
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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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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