Correlation Between CI GAMES and Cogobuy
Can any of the company-specific risk be diversified away by investing in both CI GAMES and Cogobuy 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 Cogobuy 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 Cogobuy Group, you can compare the effects of market volatilities on CI GAMES and Cogobuy 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 Cogobuy. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI GAMES and Cogobuy.
Diversification Opportunities for CI GAMES and Cogobuy
Modest diversification
The 3 months correlation between CI7 and Cogobuy is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding CI GAMES SA and Cogobuy Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cogobuy Group 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 Cogobuy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cogobuy Group has no effect on the direction of CI GAMES i.e., CI GAMES and Cogobuy go up and down completely randomly.
Pair Corralation between CI GAMES and Cogobuy
Assuming the 90 days horizon CI GAMES is expected to generate 3.12 times less return on investment than Cogobuy. But when comparing it to its historical volatility, CI GAMES SA is 1.09 times less risky than Cogobuy. It trades about 0.01 of its potential returns per unit of risk. Cogobuy Group is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 15.00 in Cogobuy Group on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Cogobuy Group or generate 0.0% 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. Cogobuy Group
Performance |
| Timeline |
| CI GAMES SA |
| Cogobuy Group |
CI GAMES and Cogobuy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI GAMES and Cogobuy
The main advantage of trading using opposite CI GAMES and Cogobuy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI GAMES position performs unexpectedly, Cogobuy 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 Cogobuy will offset losses from the drop in Cogobuy's long position.| CI GAMES vs. NEXON Co | CI GAMES vs. Take Two Interactive Software | CI GAMES vs. Superior Plus Corp | CI GAMES vs. SIVERS SEMICONDUCTORS AB |
| Cogobuy vs. Tower Semiconductor | Cogobuy vs. MagnaChip Semiconductor Corp | Cogobuy vs. Playtech plc | Cogobuy vs. CITY OFFICE REIT |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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