Correlation Between Kellanova and Jones Soda
Can any of the company-specific risk be diversified away by investing in both Kellanova and Jones Soda 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 Kellanova and Jones Soda into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kellanova and Jones Soda Co, you can compare the effects of market volatilities on Kellanova and Jones Soda 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 Kellanova with a short position of Jones Soda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kellanova and Jones Soda.
Diversification Opportunities for Kellanova and Jones Soda
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kellanova and Jones is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Kellanova and Jones Soda Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jones Soda and Kellanova 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 Kellanova are associated (or correlated) with Jones Soda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jones Soda has no effect on the direction of Kellanova i.e., Kellanova and Jones Soda go up and down completely randomly.
Pair Corralation between Kellanova and Jones Soda
If you would invest 5,641 in Kellanova on February 22, 2024 and sell it today you would earn a total of 584.00 from holding Kellanova or generate 10.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 1.59% |
Values | Daily Returns |
Kellanova vs. Jones Soda Co
Performance |
Timeline |
Kellanova |
Jones Soda |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kellanova and Jones Soda Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kellanova and Jones Soda
The main advantage of trading using opposite Kellanova and Jones Soda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kellanova position performs unexpectedly, Jones Soda 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 Jones Soda will offset losses from the drop in Jones Soda's long position.Kellanova vs. Allegion PLC | Kellanova vs. Evergy Common Stock | Kellanova vs. Fortive Corp | Kellanova vs. Globe Life |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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