Correlation Between Wicket Gaming and Kinsale Capital
Can any of the company-specific risk be diversified away by investing in both Wicket Gaming and Kinsale Capital 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 Wicket Gaming and Kinsale Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wicket Gaming AB and Kinsale Capital Group, you can compare the effects of market volatilities on Wicket Gaming 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 Wicket Gaming with a short position of Kinsale Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wicket Gaming and Kinsale Capital.
Diversification Opportunities for Wicket Gaming and Kinsale Capital
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wicket and Kinsale is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wicket Gaming AB 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 Wicket Gaming 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 Wicket Gaming AB 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 Wicket Gaming i.e., Wicket Gaming and Kinsale Capital go up and down completely randomly.
Pair Corralation between Wicket Gaming and Kinsale Capital
If you would invest 38,038 in Kinsale Capital Group on September 2, 2024 and sell it today you would earn a total of 12,806 from holding Kinsale Capital Group or generate 33.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 92.06% |
| Values | Daily Returns |
Wicket Gaming AB vs. Kinsale Capital Group
Performance |
| Timeline |
| Wicket Gaming AB |
| Kinsale Capital Group |
Wicket Gaming and Kinsale Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wicket Gaming and Kinsale Capital
The main advantage of trading using opposite Wicket Gaming and Kinsale Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wicket Gaming 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.| Wicket Gaming vs. CD Projekt SA | Wicket Gaming vs. Playtika Holding Corp | Wicket Gaming vs. Square Enix Holdings | Wicket Gaming vs. Nexon Co 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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