Correlation Between Ainsworth Game and II-VI Incorporated
Can any of the company-specific risk be diversified away by investing in both Ainsworth Game and II-VI Incorporated 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 II-VI Incorporated 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 II VI Incorporated, you can compare the effects of market volatilities on Ainsworth Game and II-VI Incorporated 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 II-VI Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainsworth Game and II-VI Incorporated.
Diversification Opportunities for Ainsworth Game and II-VI Incorporated
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ainsworth and II-VI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ainsworth Game Technology and II VI Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on II-VI Incorporated 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 II-VI Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of II-VI Incorporated has no effect on the direction of Ainsworth Game i.e., Ainsworth Game and II-VI Incorporated go up and down completely randomly.
Pair Corralation between Ainsworth Game and II-VI Incorporated
If you would invest 3,221 in II VI Incorporated on August 24, 2024 and sell it today you would earn a total of 0.00 from holding II VI Incorporated or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Ainsworth Game Technology vs. II VI Incorporated
Performance |
| Timeline |
| Ainsworth Game Technology |
| II-VI Incorporated |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ainsworth Game and II-VI Incorporated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainsworth Game and II-VI Incorporated
The main advantage of trading using opposite Ainsworth Game and II-VI Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainsworth Game position performs unexpectedly, II-VI Incorporated 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 II-VI Incorporated will offset losses from the drop in II-VI Incorporated's long position.| Ainsworth Game vs. 888 Holdings | Ainsworth Game vs. Royal Wins | Ainsworth Game vs. Real Luck Group | Ainsworth Game vs. Betmakers Technology Group |
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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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