Correlation Between Corsair Gaming and Corporate Travel
Can any of the company-specific risk be diversified away by investing in both Corsair Gaming and Corporate Travel 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 Corsair Gaming and Corporate Travel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and Corporate Travel Management, you can compare the effects of market volatilities on Corsair Gaming and Corporate Travel 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 Corsair Gaming with a short position of Corporate Travel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and Corporate Travel.
Diversification Opportunities for Corsair Gaming and Corporate Travel
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Corsair and Corporate is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and Corporate Travel Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Corporate Travel Man and Corsair Gaming 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 Corsair Gaming are associated (or correlated) with Corporate Travel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Corporate Travel Man has no effect on the direction of Corsair Gaming i.e., Corsair Gaming and Corporate Travel go up and down completely randomly.
Pair Corralation between Corsair Gaming and Corporate Travel
Assuming the 90 days horizon Corsair Gaming is expected to generate 1.52 times more return on investment than Corporate Travel. However, Corsair Gaming is 1.52 times more volatile than Corporate Travel Management. It trades about 0.18 of its potential returns per unit of risk. Corporate Travel Management is currently generating about 0.1 per unit of risk. If you would invest 668.00 in Corsair Gaming on October 19, 2024 and sell it today you would earn a total of 72.00 from holding Corsair Gaming or generate 10.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
Corsair Gaming vs. Corporate Travel Management
Performance |
| Timeline |
| Corsair Gaming |
| Corporate Travel Man |
Corsair Gaming and Corporate Travel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corsair Gaming and Corporate Travel
The main advantage of trading using opposite Corsair Gaming and Corporate Travel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming position performs unexpectedly, Corporate Travel 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 Corporate Travel will offset losses from the drop in Corporate Travel's long position.| Corsair Gaming vs. Sumitomo Mitsui Construction | Corsair Gaming vs. Aluminum of | Corsair Gaming vs. ADRIATIC METALS LS 013355 | Corsair Gaming vs. Hanison Construction Holdings |
| Corporate Travel vs. GLG LIFE TECH | Corporate Travel vs. Corsair Gaming | Corporate Travel vs. Altair Engineering | Corporate Travel vs. Ryanair Holdings plc |
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 CEOs Directory module to screen CEOs from public companies around the world.
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