Correlation Between Regenx Tech and Kodiak Copper
Can any of the company-specific risk be diversified away by investing in both Regenx Tech and Kodiak Copper 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 Regenx Tech and Kodiak Copper into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regenx Tech Corp and Kodiak Copper Corp, you can compare the effects of market volatilities on Regenx Tech and Kodiak Copper 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 Regenx Tech with a short position of Kodiak Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regenx Tech and Kodiak Copper.
Diversification Opportunities for Regenx Tech and Kodiak Copper
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Regenx and Kodiak is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Regenx Tech Corp and Kodiak Copper Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kodiak Copper Corp and Regenx Tech 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 Regenx Tech Corp are associated (or correlated) with Kodiak Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kodiak Copper Corp has no effect on the direction of Regenx Tech i.e., Regenx Tech and Kodiak Copper go up and down completely randomly.
Pair Corralation between Regenx Tech and Kodiak Copper
Assuming the 90 days horizon Regenx Tech Corp is expected to generate 3.73 times more return on investment than Kodiak Copper. However, Regenx Tech is 3.73 times more volatile than Kodiak Copper Corp. It trades about 0.04 of its potential returns per unit of risk. Kodiak Copper Corp is currently generating about -0.04 per unit of risk. If you would invest 1.50 in Regenx Tech Corp on September 1, 2024 and sell it today you would lose (0.45) from holding Regenx Tech Corp or give up 30.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Regenx Tech Corp vs. Kodiak Copper Corp
Performance |
| Timeline |
| Regenx Tech Corp |
| Kodiak Copper Corp |
Regenx Tech and Kodiak Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regenx Tech and Kodiak Copper
The main advantage of trading using opposite Regenx Tech and Kodiak Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regenx Tech position performs unexpectedly, Kodiak Copper 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 Kodiak Copper will offset losses from the drop in Kodiak Copper's long position.| Regenx Tech vs. GoGold Resources | Regenx Tech vs. P2 Gold | Regenx Tech vs. Max Resource Corp | Regenx Tech vs. Pacific Ridge Exploration |
| Kodiak Copper vs. Defiance Silver Corp | Kodiak Copper vs. HUMANA INC | Kodiak Copper vs. SCOR PK | Kodiak Copper vs. Aquagold International |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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