Correlation Between SUMILF and Kinsale Capital
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By analyzing existing cross correlation between SUMILF 3375 15 APR 81 and Kinsale Capital Group, you can compare the effects of market volatilities on SUMILF and Kinsale Capital 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 SUMILF with a short position of Kinsale Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUMILF and Kinsale Capital.
Diversification Opportunities for SUMILF and Kinsale Capital
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SUMILF and Kinsale is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding SUMILF 3375 15 APR 81 and Kinsale Capital Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kinsale Capital Group and SUMILF 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 SUMILF 3375 15 APR 81 are associated (or correlated) with Kinsale Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kinsale Capital Group has no effect on the direction of SUMILF i.e., SUMILF and Kinsale Capital go up and down completely randomly.
Pair Corralation between SUMILF and Kinsale Capital
Assuming the 90 days trading horizon SUMILF is expected to generate 2.53 times less return on investment than Kinsale Capital. But when comparing it to its historical volatility, SUMILF 3375 15 APR 81 is 2.37 times less risky than Kinsale Capital. It trades about 0.05 of its potential returns per unit of risk. Kinsale Capital Group is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 33,118 in Kinsale Capital Group on August 31, 2024 and sell it today you would earn a total of 18,427 from holding Kinsale Capital Group or generate 55.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 12.44% |
| Values | Daily Returns |
SUMILF 3375 15 APR 81 vs. Kinsale Capital Group
Performance |
| Timeline |
| SUMILF 3375 15 |
| Kinsale Capital Group |
SUMILF and Kinsale Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUMILF and Kinsale Capital
The main advantage of trading using opposite SUMILF and Kinsale Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUMILF position performs unexpectedly, Kinsale Capital 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 Kinsale Capital will offset losses from the drop in Kinsale Capital's long position.| SUMILF vs. Kinsale Capital Group | SUMILF vs. PennantPark Floating Rate | SUMILF vs. GameStop Corp | SUMILF vs. Chiba Bank Ltd |
| Kinsale Capital vs. Selective Insurance Group | Kinsale Capital vs. Horace Mann Educators | Kinsale Capital vs. Kemper | Kinsale Capital vs. ProAssurance |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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