Correlation Between Kerlink SAS and Claranova

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Kerlink SAS and Claranova 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 Kerlink SAS and Claranova into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kerlink SAS and Claranova SE, you can compare the effects of market volatilities on Kerlink SAS and Claranova 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 Kerlink SAS with a short position of Claranova. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kerlink SAS and Claranova.

Diversification Opportunities for Kerlink SAS and Claranova

KerlinkClaranovaDiversified AwayKerlinkClaranovaDiversified Away100%
0.03
  Correlation Coefficient

Significant diversification

The 3 months correlation between Kerlink and Claranova is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Kerlink SAS and Claranova SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Claranova SE and Kerlink SAS 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 Kerlink SAS are associated (or correlated) with Claranova. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Claranova SE has no effect on the direction of Kerlink SAS i.e., Kerlink SAS and Claranova go up and down completely randomly.

Pair Corralation between Kerlink SAS and Claranova

Assuming the 90 days trading horizon Kerlink SAS is expected to generate 1.7 times more return on investment than Claranova. However, Kerlink SAS is 1.7 times more volatile than Claranova SE. It trades about 0.05 of its potential returns per unit of risk. Claranova SE is currently generating about 0.05 per unit of risk. If you would invest  51.00  in Kerlink SAS on November 16, 2024 and sell it today you would earn a total of  4.00  from holding Kerlink SAS or generate 7.84% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Kerlink SAS  vs.  Claranova SE

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -15-10-50510
JavaScript chart by amCharts 3.21.15ALKLK CLA
       Timeline  
Kerlink SAS 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Kerlink SAS are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Kerlink SAS reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.50.550.60.65
Claranova SE 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Claranova SE are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak basic indicators, Claranova may actually be approaching a critical reversion point that can send shares even higher in March 2025.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb1.21.31.41.51.6

Kerlink SAS and Claranova Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-16.91-12.67-8.42-4.180.04.068.3412.6216.921.18 0.010.020.030.04
JavaScript chart by amCharts 3.21.15ALKLK CLA
       Returns  

Pair Trading with Kerlink SAS and Claranova

The main advantage of trading using opposite Kerlink SAS and Claranova positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kerlink SAS position performs unexpectedly, Claranova 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 Claranova will offset losses from the drop in Claranova's long position.
The idea behind Kerlink SAS and Claranova SE 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.
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.

Other Complementary Tools

Sign In To Macroaxis
Sign in to explore Macroaxis' wealth optimization platform and fintech modules
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Investing Opportunities
Build portfolios using our predefined set of ideas and optimize them against your investing preferences
Global Correlations
Find global opportunities by holding instruments from different markets
Equity Valuation
Check real value of public entities based on technical and fundamental data


 

Trending Assets