Correlation Between Docebo and Kinaxis

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

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

Diversification Opportunities for Docebo and Kinaxis

-0.57

Correlation Coefficient

Docebo  Kinaxis

Excellent diversification

The 3 months correlation between Docebo and Kinaxis is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Docebo Inc and Kinaxis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kinaxis and Docebo 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 Docebo Inc are associated (or correlated) with Kinaxis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kinaxis has no effect on the direction of Docebo i.e., Docebo and Kinaxis go up and down completely randomly.

Pair Corralation between Docebo and Kinaxis

Assuming the 90 days trading horizon Docebo is expected to generate 2.23 times less return on investment than Kinaxis. In addition to that, Docebo is 2.39 times more volatile than Kinaxis. It trades about 0.04 of its total potential returns per unit of risk. Kinaxis is currently generating about 0.2 per unit of volatility. If you would invest  17,365  in Kinaxis on April 20, 2025 and sell it today you would earn a total of  2,759  from holding Kinaxis or generate 15.89% return on investment over 90 days.

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

Docebo Inc  vs.  Kinaxis

Docebo Inc

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Docebo Inc are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of very unfluctuating basic indicators, Docebo may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Kinaxis

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Kinaxis are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of very unfluctuating basic indicators, Kinaxis displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Docebo and Kinaxis

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

The idea behind Docebo Inc and Kinaxis 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.