Correlation Between Kodiak Gas and Bristow
Can any of the company-specific risk be diversified away by investing in both Kodiak Gas and Bristow 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 Kodiak Gas and Bristow into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kodiak Gas Services, and Bristow Group, you can compare the effects of market volatilities on Kodiak Gas and Bristow 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 Kodiak Gas with a short position of Bristow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kodiak Gas and Bristow.
Diversification Opportunities for Kodiak Gas and Bristow
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kodiak and Bristow is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Kodiak Gas Services, and Bristow Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bristow Group and Kodiak Gas 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 Kodiak Gas Services, are associated (or correlated) with Bristow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bristow Group has no effect on the direction of Kodiak Gas i.e., Kodiak Gas and Bristow go up and down completely randomly.
Pair Corralation between Kodiak Gas and Bristow
Considering the 90-day investment horizon Kodiak Gas Services, is expected to under-perform the Bristow. But the stock apears to be less risky and, when comparing its historical volatility, Kodiak Gas Services, is 1.03 times less risky than Bristow. The stock trades about -0.04 of its potential returns per unit of risk. The Bristow Group is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 2,863 in Bristow Group on April 23, 2025 and sell it today you would earn a total of 708.00 from holding Bristow Group or generate 24.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kodiak Gas Services, vs. Bristow Group
Performance |
| Timeline |
| Kodiak Gas Services, |
| Bristow Group |
Kodiak Gas and Bristow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kodiak Gas and Bristow
The main advantage of trading using opposite Kodiak Gas and Bristow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kodiak Gas position performs unexpectedly, Bristow 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 Bristow will offset losses from the drop in Bristow's long position.| Kodiak Gas vs. Fomento Economico Mexicano | Kodiak Gas vs. Zhihu Inc ADR | Kodiak Gas vs. SNDL Inc | Kodiak Gas vs. John B Sanfilippo |
| Bristow vs. Expro Group Holdings | Bristow vs. ChampionX | Bristow vs. Ranger Energy Services | Bristow vs. Cactus Inc |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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