Correlation Between Kingboard Chemical and Penn National
Can any of the company-specific risk be diversified away by investing in both Kingboard Chemical and Penn National 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 Kingboard Chemical and Penn National into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kingboard Chemical Holdings and Penn National Gaming, you can compare the effects of market volatilities on Kingboard Chemical and Penn National 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 Kingboard Chemical with a short position of Penn National. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingboard Chemical and Penn National.
Diversification Opportunities for Kingboard Chemical and Penn National
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kingboard and Penn is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kingboard Chemical Holdings and Penn National Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penn National Gaming and Kingboard Chemical 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 Kingboard Chemical Holdings are associated (or correlated) with Penn National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penn National Gaming has no effect on the direction of Kingboard Chemical i.e., Kingboard Chemical and Penn National go up and down completely randomly.
Pair Corralation between Kingboard Chemical and Penn National
If you would invest 1,505 in Kingboard Chemical Holdings on September 9, 2025 and sell it today you would earn a total of 0.00 from holding Kingboard Chemical Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
Kingboard Chemical Holdings vs. Penn National Gaming
Performance |
| Timeline |
| Kingboard Chemical |
| Penn National Gaming |
Kingboard Chemical and Penn National Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingboard Chemical and Penn National
The main advantage of trading using opposite Kingboard Chemical and Penn National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingboard Chemical position performs unexpectedly, Penn National 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 Penn National will offset losses from the drop in Penn National's long position.The idea behind Kingboard Chemical Holdings and Penn National Gaming 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.| Penn National vs. Marriot Vacations Worldwide | Penn National vs. Sharplink Gaming | Penn National vs. Capri Holdings | Penn National vs. Driven Brands Holdings |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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