Correlation Between International Game and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both International Game and JIAHUA STORES 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 International Game and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between International Game Technology and JIAHUA STORES, you can compare the effects of market volatilities on International Game and JIAHUA STORES 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 International Game with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Game and JIAHUA STORES.
Diversification Opportunities for International Game and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between International and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding International Game Technology and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and International Game 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 International Game Technology are associated (or correlated) with JIAHUA STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIAHUA STORES has no effect on the direction of International Game i.e., International Game and JIAHUA STORES go up and down completely randomly.
Pair Corralation between International Game and JIAHUA STORES
If you would invest 1,650 in International Game Technology on October 20, 2024 and sell it today you would earn a total of 0.00 from holding International Game Technology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
International Game Technology vs. JIAHUA STORES
Performance |
| Timeline |
| International Game |
| JIAHUA STORES |
International Game and JIAHUA STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with International Game and JIAHUA STORES
The main advantage of trading using opposite International Game and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Game position performs unexpectedly, JIAHUA STORES 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 JIAHUA STORES will offset losses from the drop in JIAHUA STORES's long position.| International Game vs. DXC Technology Co | International Game vs. Wayside Technology Group | International Game vs. Easy Software AG | International Game vs. Strategic Education |
| JIAHUA STORES vs. Altair Engineering | JIAHUA STORES vs. Delta Air Lines | JIAHUA STORES vs. Alaska Air Group | JIAHUA STORES vs. PRECISION DRILLING P |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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