Correlation Between Robert Half and Kanzhun
Can any of the company-specific risk be diversified away by investing in both Robert Half and Kanzhun 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 Robert Half and Kanzhun into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Robert Half International and Kanzhun Ltd ADR, you can compare the effects of market volatilities on Robert Half and Kanzhun 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 Robert Half with a short position of Kanzhun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Robert Half and Kanzhun.
Diversification Opportunities for Robert Half and Kanzhun
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Robert and Kanzhun is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Robert Half International and Kanzhun Ltd ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kanzhun Ltd ADR and Robert Half 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 Robert Half International are associated (or correlated) with Kanzhun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kanzhun Ltd ADR has no effect on the direction of Robert Half i.e., Robert Half and Kanzhun go up and down completely randomly.
Pair Corralation between Robert Half and Kanzhun
Considering the 90-day investment horizon Robert Half International is expected to generate 1.19 times more return on investment than Kanzhun. However, Robert Half is 1.19 times more volatile than Kanzhun Ltd ADR. It trades about 0.15 of its potential returns per unit of risk. Kanzhun Ltd ADR is currently generating about -0.38 per unit of risk. If you would invest 6,914 in Robert Half International on August 27, 2024 and sell it today you would earn a total of 550.00 from holding Robert Half International or generate 7.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Robert Half International vs. Kanzhun Ltd ADR
Performance |
| Timeline |
| Robert Half International |
| Kanzhun Ltd ADR |
Robert Half and Kanzhun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Robert Half and Kanzhun
The main advantage of trading using opposite Robert Half and Kanzhun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Robert Half position performs unexpectedly, Kanzhun 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 Kanzhun will offset losses from the drop in Kanzhun's long position.| Robert Half vs. Kelly Services A | Robert Half vs. Kforce Inc | Robert Half vs. Korn Ferry | Robert Half vs. TrueBlue |
| Kanzhun vs. Ziprecruiter | Kanzhun vs. Automatic Data Processing | Kanzhun vs. Robert Half International | Kanzhun vs. TrueBlue |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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