Correlation Between Stifel Financial and Top KingWin
Can any of the company-specific risk be diversified away by investing in both Stifel Financial and Top KingWin 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 Stifel Financial and Top KingWin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stifel Financial Corp and Top KingWin Ltd, you can compare the effects of market volatilities on Stifel Financial and Top KingWin 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 Stifel Financial with a short position of Top KingWin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stifel Financial and Top KingWin.
Diversification Opportunities for Stifel Financial and Top KingWin
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stifel and Top is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Stifel Financial Corp and Top KingWin Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Top KingWin and Stifel Financial 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 Stifel Financial Corp are associated (or correlated) with Top KingWin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Top KingWin has no effect on the direction of Stifel Financial i.e., Stifel Financial and Top KingWin go up and down completely randomly.
Pair Corralation between Stifel Financial and Top KingWin
If you would invest 50.00 in Top KingWin Ltd on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Top KingWin Ltd or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Stifel Financial Corp vs. Top KingWin Ltd
Performance |
| Timeline |
| Stifel Financial Corp |
| Top KingWin |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Stifel Financial and Top KingWin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stifel Financial and Top KingWin
The main advantage of trading using opposite Stifel Financial and Top KingWin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stifel Financial position performs unexpectedly, Top KingWin 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 Top KingWin will offset losses from the drop in Top KingWin's long position.| Stifel Financial vs. Consol Energy | Stifel Financial vs. Highway Holdings Limited | Stifel Financial vs. Olympic Steel | Stifel Financial vs. Cementos Pacasmayo SAA |
| Top KingWin vs. Chimerix | Top KingWin vs. Helmerich and Payne | Top KingWin vs. Chester Mining | Top KingWin vs. Ardelyx |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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