Correlation Between Ardagh Group and Kokoh Inti
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 Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Ardagh Group SA vs. Kokoh Inti Arebama
Performance |
Timeline |
Ardagh Group SA |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Kokoh Inti Arebama |
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.Ardagh Group vs. Semtech | Ardagh Group vs. KVH Industries | Ardagh Group vs. Jabil Circuit | Ardagh Group vs. NETGEAR |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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