Correlation Between Taskus and Kelly Services

Can any of the company-specific risk be diversified away by investing in both Taskus and Kelly Services 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 Taskus and Kelly Services into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Taskus Inc and Kelly Services A, you can compare the effects of market volatilities on Taskus and Kelly Services 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 Taskus with a short position of Kelly Services. Check out your portfolio center. Please also check ongoing floating volatility patterns of Taskus and Kelly Services.

Diversification Opportunities for Taskus and Kelly Services

0.49

Correlation Coefficient

Taskus  Kelly Services

Very weak diversification

The 3 months correlation between Taskus and Kelly is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Taskus Inc and Kelly Services A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kelly Services A and Taskus 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 Taskus Inc are associated (or correlated) with Kelly Services. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kelly Services A has no effect on the direction of Taskus i.e., Taskus and Kelly Services go up and down completely randomly.

Pair Corralation between Taskus and Kelly Services

Given the investment horizon of 90 days Taskus Inc is expected to generate 0.98 times more return on investment than Kelly Services. However, Taskus Inc is 1.02 times less risky than Kelly Services. It trades about 0.15 of its potential returns per unit of risk. Kelly Services A is currently generating about 0.09 per unit of risk. If you would invest  1,400  in Taskus Inc on May 1, 2025 and sell it today you would earn a total of  305.00  from holding Taskus Inc or generate 21.79% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Taskus Inc  vs.  Kelly Services A

Taskus Inc

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Taskus Inc are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite quite unsteady basic indicators, Taskus disclosed solid returns over the last few months and may actually be approaching a breakup point.

Kelly Services A

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Kelly Services A are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite somewhat inconsistent basic indicators, Kelly Services sustained solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Taskus and Kelly Services

The main advantage of trading using opposite Taskus and Kelly Services positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Taskus position performs unexpectedly, Kelly Services 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 Kelly Services will offset losses from the drop in Kelly Services' long position.

The idea behind Taskus Inc and Kelly Services A 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.

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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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.