Correlation Between KINDER and Jutal Offshore
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By analyzing existing cross correlation between KINDER MORGAN INC and Jutal Offshore Oil, you can compare the effects of market volatilities on KINDER and Jutal Offshore 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 KINDER with a short position of Jutal Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of KINDER and Jutal Offshore.
Diversification Opportunities for KINDER and Jutal Offshore
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between KINDER and Jutal is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding KINDER MORGAN INC and Jutal Offshore Oil in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jutal Offshore Oil and KINDER 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 KINDER MORGAN INC are associated (or correlated) with Jutal Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jutal Offshore Oil has no effect on the direction of KINDER i.e., KINDER and Jutal Offshore go up and down completely randomly.
Pair Corralation between KINDER and Jutal Offshore
Assuming the 90 days trading horizon KINDER MORGAN INC is expected to generate 13.98 times more return on investment than Jutal Offshore. However, KINDER is 13.98 times more volatile than Jutal Offshore Oil. It trades about 0.04 of its potential returns per unit of risk. Jutal Offshore Oil is currently generating about 0.0 per unit of risk. If you would invest 9,293 in KINDER MORGAN INC on September 24, 2024 and sell it today you would earn a total of 247.00 from holding KINDER MORGAN INC or generate 2.66% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 97.39% |
Values | Daily Returns |
KINDER MORGAN INC vs. Jutal Offshore Oil
Performance |
Timeline |
KINDER MORGAN INC |
Jutal Offshore Oil |
KINDER and Jutal Offshore Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KINDER and Jutal Offshore
The main advantage of trading using opposite KINDER and Jutal Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KINDER position performs unexpectedly, Jutal Offshore 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 Jutal Offshore will offset losses from the drop in Jutal Offshore's long position.KINDER vs. BCB Bancorp | KINDER vs. LithiumBank Resources Corp | KINDER vs. Jutal Offshore Oil | KINDER vs. Victorias Secret Co |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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