Correlation Between Kerry Group and Tingyi Holding
Can any of the company-specific risk be diversified away by investing in both Kerry Group and Tingyi Holding 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 Kerry Group and Tingyi Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kerry Group plc and Tingyi Holding Corp, you can compare the effects of market volatilities on Kerry Group and Tingyi Holding 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 Kerry Group with a short position of Tingyi Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kerry Group and Tingyi Holding.
Diversification Opportunities for Kerry Group and Tingyi Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kerry and Tingyi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kerry Group plc and Tingyi Holding Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tingyi Holding Corp and Kerry 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 Kerry Group plc are associated (or correlated) with Tingyi Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tingyi Holding Corp has no effect on the direction of Kerry Group i.e., Kerry Group and Tingyi Holding go up and down completely randomly.
Pair Corralation between Kerry Group and Tingyi Holding
If you would invest 8,750 in Kerry Group plc on January 26, 2024 and sell it today you would earn a total of 71.00 from holding Kerry Group plc or generate 0.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kerry Group plc vs. Tingyi Holding Corp
Performance |
| Timeline |
| Kerry Group plc |
| Tingyi Holding Corp |
Kerry Group and Tingyi Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kerry Group and Tingyi Holding
The main advantage of trading using opposite Kerry Group and Tingyi Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kerry Group position performs unexpectedly, Tingyi Holding 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 Tingyi Holding will offset losses from the drop in Tingyi Holding's long position.| Kerry Group vs. Kellanova | Kerry Group vs. Lancaster Colony | Kerry Group vs. The A2 Milk | Kerry Group vs. Artisan Consumer Goods |
| Tingyi Holding vs. Kellanova | Tingyi Holding vs. Lancaster Colony | Tingyi Holding vs. The A2 Milk | Tingyi Holding vs. Artisan Consumer Goods |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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