Correlation Between Ainsworth Game and Magnite
Can any of the company-specific risk be diversified away by investing in both Ainsworth Game and Magnite 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 Magnite 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 Magnite, you can compare the effects of market volatilities on Ainsworth Game and Magnite 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 Magnite. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainsworth Game and Magnite.
Diversification Opportunities for Ainsworth Game and Magnite
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ainsworth and Magnite is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Ainsworth Game Technology and Magnite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magnite 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 Magnite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magnite has no effect on the direction of Ainsworth Game i.e., Ainsworth Game and Magnite go up and down completely randomly.
Pair Corralation between Ainsworth Game and Magnite
Assuming the 90 days horizon Ainsworth Game Technology is expected to under-perform the Magnite. But the pink sheet apears to be less risky and, when comparing its historical volatility, Ainsworth Game Technology is 1.36 times less risky than Magnite. The pink sheet trades about -0.01 of its potential returns per unit of risk. The Magnite is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,147 in Magnite on September 3, 2024 and sell it today you would earn a total of 532.00 from holding Magnite or generate 46.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ainsworth Game Technology vs. Magnite
Performance |
| Timeline |
| Ainsworth Game Technology |
| Magnite |
Ainsworth Game and Magnite Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainsworth Game and Magnite
The main advantage of trading using opposite Ainsworth Game and Magnite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainsworth Game position performs unexpectedly, Magnite 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 Magnite will offset losses from the drop in Magnite's long position.| Ainsworth Game vs. Intema Solutions | Ainsworth Game vs. 888 Holdings | Ainsworth Game vs. Royal Wins | Ainsworth Game vs. Real Luck Group |
| Magnite vs. Deluxe | Magnite vs. Clear Channel Outdoor | Magnite vs. Entravision Communications | Magnite vs. Innovid Corp |
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.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |