Correlation Between Cinedigm Corp and SNM Gobal
Can any of the company-specific risk be diversified away by investing in both Cinedigm Corp and SNM Gobal 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 SNM Gobal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cinedigm Corp and SNM Gobal Holdings, you can compare the effects of market volatilities on Cinedigm Corp and SNM Gobal 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 SNM Gobal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinedigm Corp and SNM Gobal.
Diversification Opportunities for Cinedigm Corp and SNM Gobal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cinedigm and SNM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cinedigm Corp and SNM Gobal Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SNM Gobal Holdings 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 SNM Gobal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SNM Gobal Holdings has no effect on the direction of Cinedigm Corp i.e., Cinedigm Corp and SNM Gobal go up and down completely randomly.
Pair Corralation between Cinedigm Corp and SNM Gobal
If you would invest 0.01 in SNM Gobal Holdings on September 3, 2024 and sell it today you would earn a total of 0.00 from holding SNM Gobal Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.8% |
| Values | Daily Returns |
Cinedigm Corp vs. SNM Gobal Holdings
Performance |
| Timeline |
| Cinedigm Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| SNM Gobal Holdings |
Cinedigm Corp and SNM Gobal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinedigm Corp and SNM Gobal
The main advantage of trading using opposite Cinedigm Corp and SNM Gobal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinedigm Corp position performs unexpectedly, SNM Gobal 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 SNM Gobal will offset losses from the drop in SNM Gobal's long position.| Cinedigm Corp vs. Cineverse Corp | Cinedigm Corp vs. AMC Entertainment Holdings | Cinedigm Corp vs. Manchester United | Cinedigm Corp vs. iQIYI 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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