Correlation Between Kontoor Brands and IAMGOLD
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kontoor Brands and IAMGOLD P 575, you can compare the effects of market volatilities on Kontoor Brands and IAMGOLD 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 Kontoor Brands with a short position of IAMGOLD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kontoor Brands and IAMGOLD.
Diversification Opportunities for Kontoor Brands and IAMGOLD
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kontoor and IAMGOLD is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Kontoor Brands and IAMGOLD P 575 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IAMGOLD P 575 and Kontoor Brands 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 Kontoor Brands are associated (or correlated) with IAMGOLD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IAMGOLD P 575 has no effect on the direction of Kontoor Brands i.e., Kontoor Brands and IAMGOLD go up and down completely randomly.
Pair Corralation between Kontoor Brands and IAMGOLD
Considering the 90-day investment horizon Kontoor Brands is expected to generate 0.95 times more return on investment than IAMGOLD. However, Kontoor Brands is 1.05 times less risky than IAMGOLD. It trades about 0.08 of its potential returns per unit of risk. IAMGOLD P 575 is currently generating about -0.16 per unit of risk. If you would invest 7,851 in Kontoor Brands on September 25, 2024 and sell it today you would earn a total of 884.00 from holding Kontoor Brands or generate 11.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 90.48% |
Values | Daily Returns |
Kontoor Brands vs. IAMGOLD P 575
Performance |
Timeline |
Kontoor Brands |
IAMGOLD P 575 |
Kontoor Brands and IAMGOLD Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kontoor Brands and IAMGOLD
The main advantage of trading using opposite Kontoor Brands and IAMGOLD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kontoor Brands position performs unexpectedly, IAMGOLD 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 IAMGOLD will offset losses from the drop in IAMGOLD's long position.Kontoor Brands vs. Amer Sports, | Kontoor Brands vs. Brunswick | Kontoor Brands vs. BRP Inc | Kontoor Brands vs. Vision Marine Technologies |
IAMGOLD vs. Lululemon Athletica | IAMGOLD vs. Iridium Communications | IAMGOLD vs. Kontoor Brands | IAMGOLD vs. Kandi Technologies Group |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |