Correlation Between Kennedy Wilson and Elbit Imaging
Can any of the company-specific risk be diversified away by investing in both Kennedy Wilson and Elbit Imaging 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 Kennedy Wilson and Elbit Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kennedy Wilson Holdings and Elbit Imaging, you can compare the effects of market volatilities on Kennedy Wilson and Elbit Imaging 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 Kennedy Wilson with a short position of Elbit Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kennedy Wilson and Elbit Imaging.
Diversification Opportunities for Kennedy Wilson and Elbit Imaging
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kennedy and Elbit is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Kennedy Wilson Holdings and Elbit Imaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elbit Imaging and Kennedy Wilson 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 Kennedy Wilson Holdings are associated (or correlated) with Elbit Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elbit Imaging has no effect on the direction of Kennedy Wilson i.e., Kennedy Wilson and Elbit Imaging go up and down completely randomly.
Pair Corralation between Kennedy Wilson and Elbit Imaging
If you would invest 781.00 in Kennedy Wilson Holdings on January 26, 2024 and sell it today you would earn a total of 68.00 from holding Kennedy Wilson Holdings or generate 8.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Kennedy Wilson Holdings vs. Elbit Imaging
Performance |
| Timeline |
| Kennedy Wilson Holdings |
| Elbit Imaging |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kennedy Wilson and Elbit Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kennedy Wilson and Elbit Imaging
The main advantage of trading using opposite Kennedy Wilson and Elbit Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kennedy Wilson position performs unexpectedly, Elbit Imaging 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 Elbit Imaging will offset losses from the drop in Elbit Imaging's long position.| Kennedy Wilson vs. Transcontinental Realty Investors | Kennedy Wilson vs. Anywhere Real Estate | Kennedy Wilson vs. Re Max Holding | Kennedy Wilson vs. New England Realty |
| Elbit Imaging vs. Edwards Lifesciences Corp | Elbit Imaging vs. Medtronic PLC | Elbit Imaging vs. Abbott Laboratories | Elbit Imaging vs. Boston Scientific Corp |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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