Correlation Between Ainsworth Game and SPASX 200
Can any of the company-specific risk be diversified away by investing in both Ainsworth Game and SPASX 200 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 Ainsworth Game and SPASX 200 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ainsworth Game Technology and SPASX 200 VIX, you can compare the effects of market volatilities on Ainsworth Game and SPASX 200 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 Ainsworth Game with a short position of SPASX 200. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainsworth Game and SPASX 200.
Diversification Opportunities for Ainsworth Game and SPASX 200
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ainsworth and SPASX is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Ainsworth Game Technology and SPASX 200 VIX in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPASX 200 VIX and Ainsworth 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 Ainsworth Game Technology are associated (or correlated) with SPASX 200. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPASX 200 VIX has no effect on the direction of Ainsworth Game i.e., Ainsworth Game and SPASX 200 go up and down completely randomly.
Pair Corralation between Ainsworth Game and SPASX 200
Assuming the 90 days trading horizon Ainsworth Game Technology is expected to under-perform the SPASX 200. But the stock apears to be less risky and, when comparing its historical volatility, Ainsworth Game Technology is 2.14 times less risky than SPASX 200. The stock trades about -0.01 of its potential returns per unit of risk. The SPASX 200 VIX is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,244 in SPASX 200 VIX on September 4, 2024 and sell it today you would lose (181.00) from holding SPASX 200 VIX or give up 14.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Ainsworth Game Technology vs. SPASX 200 VIX
Performance |
| Timeline |
Ainsworth Game and SPASX 200 Volatility Contrast
Predicted Return Density |
| Returns |
Ainsworth Game Technology
Pair trading matchups for Ainsworth Game
SPASX 200 VIX
Pair trading matchups for SPASX 200
Pair Trading with Ainsworth Game and SPASX 200
The main advantage of trading using opposite Ainsworth Game and SPASX 200 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainsworth Game position performs unexpectedly, SPASX 200 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 SPASX 200 will offset losses from the drop in SPASX 200's long position.| Ainsworth Game vs. Aneka Tambang Tbk | Ainsworth Game vs. BHP Group Limited | Ainsworth Game vs. Commonwealth Bank of | Ainsworth Game vs. Commonwealth Bank of |
| SPASX 200 vs. TTG Fintech | SPASX 200 vs. Dug Technology | SPASX 200 vs. Energy Technologies Limited | SPASX 200 vs. Ainsworth Game Technology |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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