Correlation Between TrueBlue and Kanzhun
Can any of the company-specific risk be diversified away by investing in both TrueBlue 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 TrueBlue and Kanzhun into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TrueBlue and Kanzhun Ltd ADR, you can compare the effects of market volatilities on TrueBlue 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 TrueBlue with a short position of Kanzhun. Check out your portfolio center. Please also check ongoing floating volatility patterns of TrueBlue and Kanzhun.
Diversification Opportunities for TrueBlue and Kanzhun
Average diversification
The 3 months correlation between TrueBlue and Kanzhun is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding TrueBlue 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 TrueBlue 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 TrueBlue 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 TrueBlue i.e., TrueBlue and Kanzhun go up and down completely randomly.
Pair Corralation between TrueBlue and Kanzhun
Considering the 90-day investment horizon TrueBlue is expected to under-perform the Kanzhun. In addition to that, TrueBlue is 1.29 times more volatile than Kanzhun Ltd ADR. It trades about -0.01 of its total potential returns per unit of risk. Kanzhun Ltd ADR is currently generating about 0.12 per unit of volatility. If you would invest 1,374 in Kanzhun Ltd ADR on October 23, 2024 and sell it today you would earn a total of 69.00 from holding Kanzhun Ltd ADR or generate 5.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TrueBlue vs. Kanzhun Ltd ADR
Performance |
| Timeline |
| TrueBlue |
| Kanzhun Ltd ADR |
TrueBlue and Kanzhun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TrueBlue and Kanzhun
The main advantage of trading using opposite TrueBlue and Kanzhun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TrueBlue 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.| TrueBlue vs. Kelly Services A | TrueBlue vs. Korn Ferry | TrueBlue vs. Heidrick Struggles International | TrueBlue vs. Hudson Global |
| 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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