Correlation Between Ardagh Group and Kokoh Inti

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Ardagh Group and Kokoh Inti 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 Ardagh Group and Kokoh Inti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ardagh Group SA and Kokoh Inti Arebama, you can compare the effects of market volatilities on Ardagh Group and Kokoh Inti 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 Ardagh Group with a short position of Kokoh Inti. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ardagh Group and Kokoh Inti.

Diversification Opportunities for Ardagh Group and Kokoh Inti

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Ardagh and Kokoh is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ardagh Group SA and Kokoh Inti Arebama in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kokoh Inti Arebama and Ardagh 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 Ardagh Group SA are associated (or correlated) with Kokoh Inti. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kokoh Inti Arebama has no effect on the direction of Ardagh Group i.e., Ardagh Group and Kokoh Inti go up and down completely randomly.

Pair Corralation between Ardagh Group and Kokoh Inti

If you would invest (100.00) in Ardagh Group SA on December 30, 2023 and sell it today you would earn a total of  100.00  from holding Ardagh Group SA or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Ardagh Group SA  vs.  Kokoh Inti Arebama

 Performance 
       Timeline  
Ardagh Group SA 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Ardagh Group SA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Ardagh Group is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.
Kokoh Inti Arebama 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Kokoh Inti Arebama has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest conflicting performance, the Stock's basic indicators remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.

Ardagh Group and Kokoh Inti Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Ardagh Group and Kokoh Inti

The main advantage of trading using opposite Ardagh Group and Kokoh Inti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ardagh Group position performs unexpectedly, Kokoh Inti 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 Kokoh Inti will offset losses from the drop in Kokoh Inti's long position.
The idea behind Ardagh Group SA and Kokoh Inti Arebama pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.

Other Complementary Tools

Top Crypto Exchanges
Search and analyze digital assets across top global cryptocurrency exchanges
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Positions Ratings
Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance
USA ETFs
Find actively traded Exchange Traded Funds (ETF) in USA
Piotroski F Score
Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope
ETF Categories
List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Instant Ratings
Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities
Share Portfolio
Track or share privately all of your investments from the convenience of any device
Portfolio Dashboard
Portfolio dashboard that provides centralized access to all your investments
Stocks Directory
Find actively traded stocks across global markets