Correlation Between Mgame Corp and IC Technology
Can any of the company-specific risk be diversified away by investing in both Mgame Corp and IC Technology 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 Mgame Corp and IC Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mgame Corp and IC Technology Co, you can compare the effects of market volatilities on Mgame Corp and IC Technology 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 Mgame Corp with a short position of IC Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mgame Corp and IC Technology.
Diversification Opportunities for Mgame Corp and IC Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mgame and 052860 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mgame Corp and IC Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IC Technology and Mgame Corp 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 Mgame Corp are associated (or correlated) with IC Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IC Technology has no effect on the direction of Mgame Corp i.e., Mgame Corp and IC Technology go up and down completely randomly.
Pair Corralation between Mgame Corp and IC Technology
If you would invest (100.00) in IC Technology Co on September 15, 2024 and sell it today you would earn a total of 100.00 from holding IC Technology Co or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mgame Corp vs. IC Technology Co
Performance |
| Timeline |
| Mgame Corp |
| IC Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mgame Corp and IC Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mgame Corp and IC Technology
The main advantage of trading using opposite Mgame Corp and IC Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mgame Corp position performs unexpectedly, IC Technology 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 IC Technology will offset losses from the drop in IC Technology's long position.| Mgame Corp vs. Samsung Electronics Co | Mgame Corp vs. Samsung Electronics Co | Mgame Corp vs. SK Hynix | Mgame Corp vs. POSCO Holdings |
| IC Technology vs. SK Chemicals Co | IC Technology vs. Foodnamoo | IC Technology vs. CKH Food Health | IC Technology vs. Hanjin Transportation Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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