Correlation Between MHP Hotel and Games Workshop
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By analyzing existing cross correlation between MHP Hotel AG and Games Workshop Group, you can compare the effects of market volatilities on MHP Hotel and Games Workshop 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 MHP Hotel with a short position of Games Workshop. Check out your portfolio center. Please also check ongoing floating volatility patterns of MHP Hotel and Games Workshop.
Diversification Opportunities for MHP Hotel and Games Workshop
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between MHP and Games is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding MHP Hotel AG and Games Workshop Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Games Workshop Group and MHP Hotel 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 MHP Hotel AG are associated (or correlated) with Games Workshop. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Games Workshop Group has no effect on the direction of MHP Hotel i.e., MHP Hotel and Games Workshop go up and down completely randomly.
Pair Corralation between MHP Hotel and Games Workshop
Assuming the 90 days trading horizon MHP Hotel is expected to generate 8.98 times less return on investment than Games Workshop. In addition to that, MHP Hotel is 1.03 times more volatile than Games Workshop Group. It trades about 0.01 of its total potential returns per unit of risk. Games Workshop Group is currently generating about 0.1 per unit of volatility. If you would invest 10,242 in Games Workshop Group on September 4, 2024 and sell it today you would earn a total of 7,118 from holding Games Workshop Group or generate 69.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
MHP Hotel AG vs. Games Workshop Group
Performance |
| Timeline |
| MHP Hotel AG |
| Games Workshop Group |
MHP Hotel and Games Workshop Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MHP Hotel and Games Workshop
The main advantage of trading using opposite MHP Hotel and Games Workshop positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MHP Hotel position performs unexpectedly, Games Workshop 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 Games Workshop will offset losses from the drop in Games Workshop's long position.| MHP Hotel vs. CANASIL RESOURCES | MHP Hotel vs. Gossan Resources | MHP Hotel vs. DevEx Resources Limited | MHP Hotel vs. KTL GLOBAL |
| Games Workshop vs. Apple Inc | Games Workshop vs. Apple Inc | Games Workshop vs. Apple Inc | Games Workshop vs. Apple Inc |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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