Correlation Between REGAL ASIAN and Kneomedia
Can any of the company-specific risk be diversified away by investing in both REGAL ASIAN and Kneomedia 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 REGAL ASIAN and Kneomedia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between REGAL ASIAN INVESTMENTS and Kneomedia, you can compare the effects of market volatilities on REGAL ASIAN and Kneomedia 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 REGAL ASIAN with a short position of Kneomedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of REGAL ASIAN and Kneomedia.
Diversification Opportunities for REGAL ASIAN and Kneomedia
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between REGAL and Kneomedia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding REGAL ASIAN INVESTMENTS and Kneomedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kneomedia and REGAL ASIAN 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 REGAL ASIAN INVESTMENTS are associated (or correlated) with Kneomedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kneomedia has no effect on the direction of REGAL ASIAN i.e., REGAL ASIAN and Kneomedia go up and down completely randomly.
Pair Corralation between REGAL ASIAN and Kneomedia
If you would invest 206.00 in REGAL ASIAN INVESTMENTS on August 29, 2024 and sell it today you would earn a total of 9.00 from holding REGAL ASIAN INVESTMENTS or generate 4.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
REGAL ASIAN INVESTMENTS vs. Kneomedia
Performance |
| Timeline |
| REGAL ASIAN INVESTMENTS |
| Kneomedia |
REGAL ASIAN and Kneomedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with REGAL ASIAN and Kneomedia
The main advantage of trading using opposite REGAL ASIAN and Kneomedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if REGAL ASIAN position performs unexpectedly, Kneomedia 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 Kneomedia will offset losses from the drop in Kneomedia's long position.| REGAL ASIAN vs. ABACUS STORAGE KING | REGAL ASIAN vs. Odyssey Energy | REGAL ASIAN vs. Champion Iron | REGAL ASIAN vs. Ridley |
| Kneomedia vs. PVW Resources | Kneomedia vs. Woolworths | Kneomedia vs. Wesfarmers | Kneomedia vs. Coles Group |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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