Correlation Between 0641594A1 and KVH Industries
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By analyzing existing cross correlation between BANK OF NOVA and KVH Industries, you can compare the effects of market volatilities on 0641594A1 and KVH Industries 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 0641594A1 with a short position of KVH Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of 0641594A1 and KVH Industries.
Diversification Opportunities for 0641594A1 and KVH Industries
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 0641594A1 and KVH is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding BANK OF NOVA and KVH Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KVH Industries and 0641594A1 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 BANK OF NOVA are associated (or correlated) with KVH Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KVH Industries has no effect on the direction of 0641594A1 i.e., 0641594A1 and KVH Industries go up and down completely randomly.
Pair Corralation between 0641594A1 and KVH Industries
Assuming the 90 days trading horizon BANK OF NOVA is expected to under-perform the KVH Industries. But the bond apears to be less risky and, when comparing its historical volatility, BANK OF NOVA is 4.2 times less risky than KVH Industries. The bond trades about -0.03 of its potential returns per unit of risk. The KVH Industries is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 472.00 in KVH Industries on November 3, 2024 and sell it today you would earn a total of 139.00 from holding KVH Industries or generate 29.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
BANK OF NOVA vs. KVH Industries
Performance |
| Timeline |
| BANK OF NOVA |
| KVH Industries |
0641594A1 and KVH Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 0641594A1 and KVH Industries
The main advantage of trading using opposite 0641594A1 and KVH Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 0641594A1 position performs unexpectedly, KVH Industries 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 KVH Industries will offset losses from the drop in KVH Industries' long position.| 0641594A1 vs. Valneva SE ADR | 0641594A1 vs. Analog Devices | 0641594A1 vs. Centessa Pharmaceuticals PLC | 0641594A1 vs. Lipocine |
| KVH Industries vs. Telesat Corp | KVH Industries vs. Comtech Telecommunications Corp | KVH Industries vs. Knowles Cor | KVH Industries vs. Ituran Location and |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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