Correlation Between CI GAMES and TotalEnergies
Can any of the company-specific risk be diversified away by investing in both CI GAMES and TotalEnergies 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 TotalEnergies 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 TotalEnergies SE, you can compare the effects of market volatilities on CI GAMES and TotalEnergies 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 TotalEnergies. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI GAMES and TotalEnergies.
Diversification Opportunities for CI GAMES and TotalEnergies
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CI7 and TotalEnergies is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding CI GAMES SA and TotalEnergies SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TotalEnergies SE 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 TotalEnergies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TotalEnergies SE has no effect on the direction of CI GAMES i.e., CI GAMES and TotalEnergies go up and down completely randomly.
Pair Corralation between CI GAMES and TotalEnergies
Assuming the 90 days horizon CI GAMES SA is expected to generate 2.54 times more return on investment than TotalEnergies. However, CI GAMES is 2.54 times more volatile than TotalEnergies SE. It trades about -0.01 of its potential returns per unit of risk. TotalEnergies SE is currently generating about -0.09 per unit of risk. If you would invest 34.00 in CI GAMES SA on September 12, 2024 and sell it today you would lose (2.00) from holding CI GAMES SA or give up 5.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI GAMES SA vs. TotalEnergies SE
Performance |
| Timeline |
| CI GAMES SA |
| TotalEnergies SE |
CI GAMES and TotalEnergies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI GAMES and TotalEnergies
The main advantage of trading using opposite CI GAMES and TotalEnergies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI GAMES position performs unexpectedly, TotalEnergies 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 TotalEnergies will offset losses from the drop in TotalEnergies' 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 |
| TotalEnergies vs. GOLD ROAD RES | TotalEnergies vs. Infrastrutture Wireless Italiane | TotalEnergies vs. CENTURIA OFFICE REIT | TotalEnergies vs. BII Railway Transportation |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |