Correlation Between KULR Technology and EMagin
Can any of the company-specific risk be diversified away by investing in both KULR Technology and EMagin 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 KULR Technology and EMagin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KULR Technology Group and EMagin, you can compare the effects of market volatilities on KULR Technology and EMagin 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 KULR Technology with a short position of EMagin. Check out your portfolio center. Please also check ongoing floating volatility patterns of KULR Technology and EMagin.
Diversification Opportunities for KULR Technology and EMagin
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between KULR and EMagin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KULR Technology Group and EMagin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EMagin and KULR Technology 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 KULR Technology Group are associated (or correlated) with EMagin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EMagin has no effect on the direction of KULR Technology i.e., KULR Technology and EMagin go up and down completely randomly.
Pair Corralation between KULR Technology and EMagin
If you would invest 141.00 in KULR Technology Group on December 1, 2024 and sell it today you would lose (5.00) from holding KULR Technology Group or give up 3.55% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
KULR Technology Group vs. EMagin
Performance |
Timeline |
KULR Technology Group |
EMagin |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
KULR Technology and EMagin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KULR Technology and EMagin
The main advantage of trading using opposite KULR Technology and EMagin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KULR Technology position performs unexpectedly, EMagin 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 EMagin will offset losses from the drop in EMagin's long position.KULR Technology vs. Richardson Electronics | KULR Technology vs. Interlink Electronics | KULR Technology vs. SigmaTron International | KULR Technology vs. Maris Tech |
EMagin vs. KULR Technology Group | EMagin vs. Ouster, Common Stock | EMagin vs. LightPath Technologies | EMagin vs. Daktronics |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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