Correlation Between Corsair Gaming and Apple

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Can any of the company-specific risk be diversified away by investing in both Corsair Gaming and Apple 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 Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and Apple Inc, you can compare the effects of market volatilities on Corsair Gaming and Apple 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 Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and Apple.

Diversification Opportunities for Corsair Gaming and Apple

0.62
  Correlation Coefficient

Poor diversification

The 3 months correlation between Corsair and Apple is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc 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 Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Corsair Gaming i.e., Corsair Gaming and Apple go up and down completely randomly.

Pair Corralation between Corsair Gaming and Apple

Assuming the 90 days horizon Corsair Gaming is expected to under-perform the Apple. In addition to that, Corsair Gaming is 6.63 times more volatile than Apple Inc. It trades about -0.07 of its total potential returns per unit of risk. Apple Inc is currently generating about 0.65 per unit of volatility. If you would invest  22,885  in Apple Inc on October 1, 2024 and sell it today you would earn a total of  1,715  from holding Apple Inc or generate 7.49% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Corsair Gaming  vs.  Apple Inc

 Performance 
       Timeline  
Corsair Gaming 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Corsair Gaming are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite nearly uncertain basic indicators, Corsair Gaming may actually be approaching a critical reversion point that can send shares even higher in January 2025.
Apple Inc 

Risk-Adjusted Performance

21 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 21 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain fundamental indicators, Apple unveiled solid returns over the last few months and may actually be approaching a breakup point.

Corsair Gaming and Apple Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Corsair Gaming and Apple

The main advantage of trading using opposite Corsair Gaming and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.
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The idea behind Corsair Gaming and Apple Inc 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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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

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