Correlation Between Astralis and Guild Esports
Can any of the company-specific risk be diversified away by investing in both Astralis and Guild Esports 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 Astralis and Guild Esports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astralis AS and Guild Esports Plc, you can compare the effects of market volatilities on Astralis and Guild Esports 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 Astralis with a short position of Guild Esports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astralis and Guild Esports.
Diversification Opportunities for Astralis and Guild Esports
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astralis and Guild is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astralis AS and Guild Esports Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guild Esports Plc and Astralis 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 Astralis AS are associated (or correlated) with Guild Esports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guild Esports Plc has no effect on the direction of Astralis i.e., Astralis and Guild Esports go up and down completely randomly.
Pair Corralation between Astralis and Guild Esports
If you would invest 0.27 in Guild Esports Plc on August 29, 2024 and sell it today you would earn a total of 0.50 from holding Guild Esports Plc or generate 185.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Astralis AS vs. Guild Esports Plc
Performance |
| Timeline |
| Astralis AS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Guild Esports Plc |
Astralis and Guild Esports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astralis and Guild Esports
The main advantage of trading using opposite Astralis and Guild Esports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astralis position performs unexpectedly, Guild Esports 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 Guild Esports will offset losses from the drop in Guild Esports' long position.| Astralis vs. New Wave Holdings | Astralis vs. Guild Esports Plc | Astralis vs. Network Media Group | Astralis vs. Celtic plc |
| Guild Esports vs. ZoomerMedia Limited | Guild Esports vs. Celtic plc | Guild Esports vs. Network Media Group | Guild Esports vs. OverActive Media 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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