Correlation Between Meet Kevin and Global X
Can any of the company-specific risk be diversified away by investing in both Meet Kevin and Global X 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 Meet Kevin and Global X into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Meet Kevin and Global X Disruptive, you can compare the effects of market volatilities on Meet Kevin and Global X 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 Meet Kevin with a short position of Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meet Kevin and Global X.
Diversification Opportunities for Meet Kevin and Global X
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Meet and Global is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding The Meet Kevin and Global X Disruptive in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X Disruptive and Meet Kevin 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 The Meet Kevin are associated (or correlated) with Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X Disruptive has no effect on the direction of Meet Kevin i.e., Meet Kevin and Global X go up and down completely randomly.
Pair Corralation between Meet Kevin and Global X
Allowing for the 90-day total investment horizon Meet Kevin is expected to generate 3.72 times less return on investment than Global X. But when comparing it to its historical volatility, The Meet Kevin is 1.12 times less risky than Global X. It trades about 0.03 of its potential returns per unit of risk. Global X Disruptive is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,445 in Global X Disruptive on December 27, 2024 and sell it today you would earn a total of 121.00 from holding Global X Disruptive or generate 8.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 71.67% |
Values | Daily Returns |
The Meet Kevin vs. Global X Disruptive
Performance |
Timeline |
Meet Kevin |
Risk-Adjusted Performance
Weak
Weak | Strong |
Global X Disruptive |
Meet Kevin and Global X Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Meet Kevin and Global X
The main advantage of trading using opposite Meet Kevin and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meet Kevin position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.Meet Kevin vs. Nexalin Technology | Meet Kevin vs. Kilroy Realty Corp | Meet Kevin vs. Highwoods Properties | Meet Kevin vs. Karat Packaging |
Global X vs. VanEck Vectors ETF | Global X vs. Global X AgTech | Global X vs. Global X Clean | Global X vs. Global X Wind |
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.
Other Complementary Tools
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |