Correlation Between 707569AS8 and Kaltura
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By analyzing existing cross correlation between Penn National Gaming and Kaltura, you can compare the effects of market volatilities on 707569AS8 and Kaltura 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 707569AS8 with a short position of Kaltura. Check out your portfolio center. Please also check ongoing floating volatility patterns of 707569AS8 and Kaltura.
Diversification Opportunities for 707569AS8 and Kaltura
Very good diversification
The 3 months correlation between 707569AS8 and Kaltura is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Penn National Gaming and Kaltura in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kaltura and 707569AS8 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 Penn National Gaming are associated (or correlated) with Kaltura. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kaltura has no effect on the direction of 707569AS8 i.e., 707569AS8 and Kaltura go up and down completely randomly.
Pair Corralation between 707569AS8 and Kaltura
Assuming the 90 days trading horizon 707569AS8 is expected to generate 19.42 times less return on investment than Kaltura. But when comparing it to its historical volatility, Penn National Gaming is 8.26 times less risky than Kaltura. It trades about 0.06 of its potential returns per unit of risk. Kaltura is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 100.00 in Kaltura on September 3, 2024 and sell it today you would earn a total of 125.00 from holding Kaltura or generate 125.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 79.2% |
| Values | Daily Returns |
Penn National Gaming vs. Kaltura
Performance |
| Timeline |
| Penn National Gaming |
| Kaltura |
707569AS8 and Kaltura Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 707569AS8 and Kaltura
The main advantage of trading using opposite 707569AS8 and Kaltura positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 707569AS8 position performs unexpectedly, Kaltura 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 Kaltura will offset losses from the drop in Kaltura's long position.| 707569AS8 vs. The Travelers Companies | 707569AS8 vs. GE Aerospace | 707569AS8 vs. Walmart | 707569AS8 vs. Pfizer Inc |
| Kaltura vs. Evertec | Kaltura vs. Consensus Cloud Solutions | Kaltura vs. Global Blue Group | Kaltura vs. Lesaka Technologies |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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