Correlation Between Checkin Group and KebNi AB
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By analyzing existing cross correlation between Checkin Group AB and KebNi AB, you can compare the effects of market volatilities on Checkin Group and KebNi AB 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 Checkin Group with a short position of KebNi AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Checkin Group and KebNi AB.
Diversification Opportunities for Checkin Group and KebNi AB
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Checkin and KebNi is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Checkin Group AB and KebNi AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KebNi AB and Checkin Group 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 Checkin Group AB are associated (or correlated) with KebNi AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KebNi AB has no effect on the direction of Checkin Group i.e., Checkin Group and KebNi AB go up and down completely randomly.
Pair Corralation between Checkin Group and KebNi AB
Assuming the 90 days trading horizon Checkin Group AB is expected to under-perform the KebNi AB. In addition to that, Checkin Group is 1.2 times more volatile than KebNi AB. It trades about -0.1 of its total potential returns per unit of risk. KebNi AB is currently generating about -0.08 per unit of volatility. If you would invest 162.00 in KebNi AB on September 25, 2024 and sell it today you would lose (54.00) from holding KebNi AB or give up 33.33% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Checkin Group AB vs. KebNi AB
Performance |
Timeline |
Checkin Group AB |
KebNi AB |
Checkin Group and KebNi AB Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Checkin Group and KebNi AB
The main advantage of trading using opposite Checkin Group and KebNi AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Checkin Group position performs unexpectedly, KebNi AB 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 KebNi AB will offset losses from the drop in KebNi AB's long position.Checkin Group vs. Humble Group AB | Checkin Group vs. Enad Global 7 | Checkin Group vs. Goodbye Kansas Group | Checkin Group vs. Mekonomen AB |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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