Correlation Between CI GAMES and Haverty Furniture
Can any of the company-specific risk be diversified away by investing in both CI GAMES and Haverty Furniture 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 CI GAMES and Haverty Furniture into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CI GAMES SA and Haverty Furniture Companies, you can compare the effects of market volatilities on CI GAMES and Haverty Furniture 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 CI GAMES with a short position of Haverty Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI GAMES and Haverty Furniture.
Diversification Opportunities for CI GAMES and Haverty Furniture
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CI7 and Haverty is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding CI GAMES SA and Haverty Furniture Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haverty Furniture and CI GAMES 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 CI GAMES SA are associated (or correlated) with Haverty Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haverty Furniture has no effect on the direction of CI GAMES i.e., CI GAMES and Haverty Furniture go up and down completely randomly.
Pair Corralation between CI GAMES and Haverty Furniture
Assuming the 90 days horizon CI GAMES SA is expected to under-perform the Haverty Furniture. In addition to that, CI GAMES is 1.62 times more volatile than Haverty Furniture Companies. It trades about -0.03 of its total potential returns per unit of risk. Haverty Furniture Companies is currently generating about 0.06 per unit of volatility. If you would invest 2,069 in Haverty Furniture Companies on September 12, 2024 and sell it today you would earn a total of 51.00 from holding Haverty Furniture Companies or generate 2.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI GAMES SA vs. Haverty Furniture Companies
Performance |
| Timeline |
| CI GAMES SA |
| Haverty Furniture |
CI GAMES and Haverty Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI GAMES and Haverty Furniture
The main advantage of trading using opposite CI GAMES and Haverty Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI GAMES position performs unexpectedly, Haverty Furniture 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 Haverty Furniture will offset losses from the drop in Haverty Furniture's long position.| CI GAMES vs. Haverty Furniture Companies | CI GAMES vs. ETFS Coffee ETC | CI GAMES vs. VARIOUS EATERIES LS | CI GAMES vs. North American Construction |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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