Correlation Between EAST SIDE and Media
Can any of the company-specific risk be diversified away by investing in both EAST SIDE and Media 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 EAST SIDE and Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EAST SIDE GAMES and Media and Games, you can compare the effects of market volatilities on EAST SIDE and Media 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 EAST SIDE with a short position of Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of EAST SIDE and Media.
Diversification Opportunities for EAST SIDE and Media
Very good diversification
The 3 months correlation between EAST and Media is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding EAST SIDE GAMES and Media and Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Media and Games and EAST SIDE 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 EAST SIDE GAMES are associated (or correlated) with Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Media and Games has no effect on the direction of EAST SIDE i.e., EAST SIDE and Media go up and down completely randomly.
Pair Corralation between EAST SIDE and Media
Assuming the 90 days horizon EAST SIDE GAMES is expected to under-perform the Media. In addition to that, EAST SIDE is 1.43 times more volatile than Media and Games. It trades about -0.18 of its total potential returns per unit of risk. Media and Games is currently generating about -0.11 per unit of volatility. If you would invest 381.00 in Media and Games on September 2, 2024 and sell it today you would lose (40.00) from holding Media and Games or give up 10.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EAST SIDE GAMES vs. Media and Games
Performance |
| Timeline |
| EAST SIDE GAMES |
| Media and Games |
EAST SIDE and Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EAST SIDE and Media
The main advantage of trading using opposite EAST SIDE and Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EAST SIDE position performs unexpectedly, Media 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 Media will offset losses from the drop in Media's long position.| EAST SIDE vs. Nintendo Co | EAST SIDE vs. Sea Limited | EAST SIDE vs. Superior Plus Corp | EAST SIDE vs. NMI Holdings |
| Media vs. Clearside Biomedical | Media vs. Japan Medical Dynamic | Media vs. Apollo Medical Holdings | Media vs. BRIT AMER TOBACCO |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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