Correlation Between MOVIE GAMES and CONTAGIOUS GAMING
Can any of the company-specific risk be diversified away by investing in both MOVIE GAMES and CONTAGIOUS GAMING 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 MOVIE GAMES and CONTAGIOUS GAMING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MOVIE GAMES SA and CONTAGIOUS GAMING INC, you can compare the effects of market volatilities on MOVIE GAMES and CONTAGIOUS GAMING 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 MOVIE GAMES with a short position of CONTAGIOUS GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of MOVIE GAMES and CONTAGIOUS GAMING.
Diversification Opportunities for MOVIE GAMES and CONTAGIOUS GAMING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MOVIE and CONTAGIOUS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MOVIE GAMES SA and CONTAGIOUS GAMING INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONTAGIOUS GAMING INC and MOVIE GAMES 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 MOVIE GAMES SA are associated (or correlated) with CONTAGIOUS GAMING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONTAGIOUS GAMING INC has no effect on the direction of MOVIE GAMES i.e., MOVIE GAMES and CONTAGIOUS GAMING go up and down completely randomly.
Pair Corralation between MOVIE GAMES and CONTAGIOUS GAMING
If you would invest 366.00 in MOVIE GAMES SA on October 29, 2024 and sell it today you would earn a total of 56.00 from holding MOVIE GAMES SA or generate 15.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
MOVIE GAMES SA vs. CONTAGIOUS GAMING INC
Performance |
| Timeline |
| MOVIE GAMES SA |
| CONTAGIOUS GAMING INC |
MOVIE GAMES and CONTAGIOUS GAMING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MOVIE GAMES and CONTAGIOUS GAMING
The main advantage of trading using opposite MOVIE GAMES and CONTAGIOUS GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MOVIE GAMES position performs unexpectedly, CONTAGIOUS GAMING 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 CONTAGIOUS GAMING will offset losses from the drop in CONTAGIOUS GAMING's long position.| MOVIE GAMES vs. United Insurance Holdings | MOVIE GAMES vs. VIENNA INSURANCE GR | MOVIE GAMES vs. CAL MAINE FOODS | MOVIE GAMES vs. Nomad Foods |
| CONTAGIOUS GAMING vs. Japan Asia Investment | CONTAGIOUS GAMING vs. Apollo Investment Corp | CONTAGIOUS GAMING vs. ECHO INVESTMENT ZY | CONTAGIOUS GAMING vs. Eidesvik Offshore ASA |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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