Correlation Between Kura Sushi and KEYCORP
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By analyzing existing cross correlation between Kura Sushi USA and KEYCORP MEDIUM TERM, you can compare the effects of market volatilities on Kura Sushi and KEYCORP 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 Kura Sushi with a short position of KEYCORP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kura Sushi and KEYCORP.
Diversification Opportunities for Kura Sushi and KEYCORP
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kura and KEYCORP is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Kura Sushi USA and KEYCORP MEDIUM TERM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEYCORP MEDIUM TERM and Kura Sushi 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 Kura Sushi USA are associated (or correlated) with KEYCORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEYCORP MEDIUM TERM has no effect on the direction of Kura Sushi i.e., Kura Sushi and KEYCORP go up and down completely randomly.
Pair Corralation between Kura Sushi and KEYCORP
Given the investment horizon of 90 days Kura Sushi USA is expected to under-perform the KEYCORP. In addition to that, Kura Sushi is 3.19 times more volatile than KEYCORP MEDIUM TERM. It trades about -0.26 of its total potential returns per unit of risk. KEYCORP MEDIUM TERM is currently generating about -0.22 per unit of volatility. If you would invest 9,723 in KEYCORP MEDIUM TERM on September 27, 2024 and sell it today you would lose (365.00) from holding KEYCORP MEDIUM TERM or give up 3.75% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kura Sushi USA vs. KEYCORP MEDIUM TERM
Performance |
Timeline |
Kura Sushi USA |
KEYCORP MEDIUM TERM |
Kura Sushi and KEYCORP Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kura Sushi and KEYCORP
The main advantage of trading using opposite Kura Sushi and KEYCORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kura Sushi position performs unexpectedly, KEYCORP 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 KEYCORP will offset losses from the drop in KEYCORP's long position.Kura Sushi vs. Brinker International | Kura Sushi vs. Dennys Corp | Kura Sushi vs. Bloomin Brands | Kura Sushi vs. Jack In The |
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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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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