Correlation Between Kelly Strategic and Global X
Can any of the company-specific risk be diversified away by investing in both Kelly Strategic and Global X 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 Kelly Strategic and Global X into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kelly Strategic Management and Global X Aging, you can compare the effects of market volatilities on Kelly Strategic and Global X 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 Kelly Strategic with a short position of Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kelly Strategic and Global X.
Diversification Opportunities for Kelly Strategic and Global X
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kelly and Global is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kelly Strategic Management and Global X Aging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X Aging and Kelly Strategic 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 Kelly Strategic Management are associated (or correlated) with Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X Aging has no effect on the direction of Kelly Strategic i.e., Kelly Strategic and Global X go up and down completely randomly.
Pair Corralation between Kelly Strategic and Global X
If you would invest (100.00) in Kelly Strategic Management on November 2, 2024 and sell it today you would earn a total of 100.00 from holding Kelly Strategic Management or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kelly Strategic Management vs. Global X Aging
Performance |
| Timeline |
| Kelly Strategic Mana |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Global X Aging |
Kelly Strategic and Global X Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kelly Strategic and Global X
The main advantage of trading using opposite Kelly Strategic and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kelly Strategic position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.The idea behind Kelly Strategic Management and Global X Aging pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Global X vs. Global X Clean | Global X vs. Global X Renewable | Global X vs. Global X Thematic | Global X vs. Global X AgTech |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |