Correlation Between Ball and Kokoh Inti
Can any of the company-specific risk be diversified away by investing in both Ball 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 Ball and Kokoh Inti into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ball Corporation and Kokoh Inti Arebama, you can compare the effects of market volatilities on Ball 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 Ball with a short position of Kokoh Inti. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ball and Kokoh Inti.
Diversification Opportunities for Ball and Kokoh Inti
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ball and Kokoh is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ball Corp. 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 Ball 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 Ball Corporation 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 Ball i.e., Ball and Kokoh Inti go up and down completely randomly.
Pair Corralation between Ball and Kokoh Inti
If you would invest (100.00) in Ball Corporation on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Ball Corporation 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 |
Ball Corp. vs. Kokoh Inti Arebama
Performance |
Timeline |
Ball |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kokoh Inti Arebama |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ball and Kokoh Inti Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ball and Kokoh Inti
The main advantage of trading using opposite Ball and Kokoh Inti positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ball 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.Ball vs. Canada Goose Holdings | Ball vs. Rocky Brands | Ball vs. ZK International Group | Ball vs. IFAN Financial |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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