Correlation Between Corsair Gaming and AGF Management
Can any of the company-specific risk be diversified away by investing in both Corsair Gaming and AGF Management 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 AGF Management into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and AGF Management Limited, you can compare the effects of market volatilities on Corsair Gaming and AGF Management 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 AGF Management. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and AGF Management.
Diversification Opportunities for Corsair Gaming and AGF Management
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Corsair and AGF is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and AGF Management Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGF Management 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 AGF Management. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGF Management has no effect on the direction of Corsair Gaming i.e., Corsair Gaming and AGF Management go up and down completely randomly.
Pair Corralation between Corsair Gaming and AGF Management
Assuming the 90 days horizon Corsair Gaming is expected to generate 1.85 times more return on investment than AGF Management. However, Corsair Gaming is 1.85 times more volatile than AGF Management Limited. It trades about 0.36 of its potential returns per unit of risk. AGF Management Limited is currently generating about 0.15 per unit of risk. If you would invest 686.00 in Corsair Gaming on November 7, 2024 and sell it today you would earn a total of 195.00 from holding Corsair Gaming or generate 28.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Corsair Gaming vs. AGF Management Limited
Performance |
| Timeline |
| Corsair Gaming |
| AGF Management |
Corsair Gaming and AGF Management Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corsair Gaming and AGF Management
The main advantage of trading using opposite Corsair Gaming and AGF Management positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming position performs unexpectedly, AGF Management 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 AGF Management will offset losses from the drop in AGF Management's long position.| Corsair Gaming vs. URBAN OUTFITTERS | Corsair Gaming vs. Infrastrutture Wireless Italiane | Corsair Gaming vs. Wizz Air Holdings | Corsair Gaming vs. G III APPAREL GROUP |
| AGF Management vs. Keck Seng Investments | AGF Management vs. Cleanaway Waste Management | AGF Management vs. SLR Investment Corp | AGF Management vs. British American Tobacco |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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