Correlation Between Actinogen Medical and Ainsworth Game

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

Diversification Opportunities for Actinogen Medical and Ainsworth Game

ActinogenAinsworthDiversified AwayActinogenAinsworthDiversified Away100%
0.45
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Actinogen and Ainsworth is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Actinogen Medical and Ainsworth Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainsworth Game Technology and Actinogen Medical 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 Actinogen Medical are associated (or correlated) with Ainsworth Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainsworth Game Technology has no effect on the direction of Actinogen Medical i.e., Actinogen Medical and Ainsworth Game go up and down completely randomly.

Pair Corralation between Actinogen Medical and Ainsworth Game

Assuming the 90 days trading horizon Actinogen Medical is expected to generate 2.37 times more return on investment than Ainsworth Game. However, Actinogen Medical is 2.37 times more volatile than Ainsworth Game Technology. It trades about 0.03 of its potential returns per unit of risk. Ainsworth Game Technology is currently generating about 0.01 per unit of risk. If you would invest  6.34  in Actinogen Medical on November 30, 2024 and sell it today you would lose (2.34) from holding Actinogen Medical or give up 36.91% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Actinogen Medical  vs.  Ainsworth Game Technology

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb 01020304050
JavaScript chart by amCharts 3.21.15ACW AGI
       Timeline  
Actinogen Medical 

Risk-Adjusted Performance

OK

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Actinogen Medical are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Actinogen Medical unveiled solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.0250.030.0350.04
Ainsworth Game Technology 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Ainsworth Game Technology are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain forward indicators, Ainsworth Game unveiled solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.70.750.80.850.9

Actinogen Medical and Ainsworth Game Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-15.41-11.54-7.67-3.80.04.048.2212.416.5820.76 0.0100.0150.0200.025
JavaScript chart by amCharts 3.21.15ACW AGI
       Returns  

Pair Trading with Actinogen Medical and Ainsworth Game

The main advantage of trading using opposite Actinogen Medical and Ainsworth Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Actinogen Medical position performs unexpectedly, Ainsworth Game 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 Ainsworth Game will offset losses from the drop in Ainsworth Game's long position.
The idea behind Actinogen Medical and Ainsworth Game Technology 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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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.

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