Correlation Between KIMBALL ELECTRONICS and Anglesey Mining

Can any of the company-specific risk be diversified away by investing in both KIMBALL ELECTRONICS and Anglesey Mining 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 KIMBALL ELECTRONICS and Anglesey Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between KIMBALL ELECTRONICS and Anglesey Mining plc, you can compare the effects of market volatilities on KIMBALL ELECTRONICS and Anglesey Mining 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 KIMBALL ELECTRONICS with a short position of Anglesey Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of KIMBALL ELECTRONICS and Anglesey Mining.

Diversification Opportunities for KIMBALL ELECTRONICS and Anglesey Mining

-0.42

Correlation Coefficient

KIMBALL ELECTRONICS  Anglesey Mining

Very good diversification

The 3 months correlation between KIMBALL and Anglesey is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding KIMBALL ELECTRONICS and Anglesey Mining plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anglesey Mining plc and KIMBALL ELECTRONICS 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 KIMBALL ELECTRONICS are associated (or correlated) with Anglesey Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anglesey Mining plc has no effect on the direction of KIMBALL ELECTRONICS i.e., KIMBALL ELECTRONICS and Anglesey Mining go up and down completely randomly.

Pair Corralation between KIMBALL ELECTRONICS and Anglesey Mining

Assuming the 90 days horizon KIMBALL ELECTRONICS is expected to generate 21.26 times less return on investment than Anglesey Mining. But when comparing it to its historical volatility, KIMBALL ELECTRONICS is 34.36 times less risky than Anglesey Mining. It trades about 0.18 of its potential returns per unit of risk. Anglesey Mining plc is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  0.30  in Anglesey Mining plc on April 22, 2025 and sell it today you would lose (0.25) from holding Anglesey Mining plc or give up 83.33% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

KIMBALL ELECTRONICS  vs.  Anglesey Mining plc

KIMBALL ELECTRONICS

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in KIMBALL ELECTRONICS are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, KIMBALL ELECTRONICS reported solid returns over the last few months and may actually be approaching a breakup point.

Anglesey Mining plc

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Anglesey Mining plc are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, Anglesey Mining reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with KIMBALL ELECTRONICS and Anglesey Mining

The main advantage of trading using opposite KIMBALL ELECTRONICS and Anglesey Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KIMBALL ELECTRONICS position performs unexpectedly, Anglesey Mining 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 Anglesey Mining will offset losses from the drop in Anglesey Mining's long position.

The idea behind KIMBALL ELECTRONICS and Anglesey Mining plc 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.

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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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.