Correlation Between Cinedigm Corp and Madison Square
Can any of the company-specific risk be diversified away by investing in both Cinedigm Corp and Madison Square 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 Cinedigm Corp and Madison Square into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cinedigm Corp and Madison Square Garden, you can compare the effects of market volatilities on Cinedigm Corp and Madison Square 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 Cinedigm Corp with a short position of Madison Square. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinedigm Corp and Madison Square.
Diversification Opportunities for Cinedigm Corp and Madison Square
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cinedigm and Madison is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Cinedigm Corp and Madison Square Garden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Madison Square Garden and Cinedigm Corp 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 Cinedigm Corp are associated (or correlated) with Madison Square. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Madison Square Garden has no effect on the direction of Cinedigm Corp i.e., Cinedigm Corp and Madison Square go up and down completely randomly.
Pair Corralation between Cinedigm Corp and Madison Square
If you would invest 19,089 in Madison Square Garden on September 3, 2024 and sell it today you would earn a total of 3,819 from holding Madison Square Garden or generate 20.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 0.8% |
| Values | Daily Returns |
Cinedigm Corp vs. Madison Square Garden
Performance |
| Timeline |
| Cinedigm Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Madison Square Garden |
Cinedigm Corp and Madison Square Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinedigm Corp and Madison Square
The main advantage of trading using opposite Cinedigm Corp and Madison Square positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinedigm Corp position performs unexpectedly, Madison Square 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 Madison Square will offset losses from the drop in Madison Square's long position.| Cinedigm Corp vs. Cineverse Corp | Cinedigm Corp vs. AMC Entertainment Holdings | Cinedigm Corp vs. Manchester United | Cinedigm Corp vs. iQIYI Inc |
| Madison Square vs. Atlanta Braves Holdings, | Madison Square vs. Liberty Media | Madison Square vs. Liberty Media | Madison Square vs. Atlanta Braves Holdings, |
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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