Correlation Between CI Games and Kogeneracja
Can any of the company-specific risk be diversified away by investing in both CI Games and Kogeneracja 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 Kogeneracja 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 Kogeneracja SA, you can compare the effects of market volatilities on CI Games and Kogeneracja 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 Kogeneracja. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Games and Kogeneracja.
Diversification Opportunities for CI Games and Kogeneracja
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CIG and Kogeneracja is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding CI Games SA and Kogeneracja SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kogeneracja SA 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 Kogeneracja. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kogeneracja SA has no effect on the direction of CI Games i.e., CI Games and Kogeneracja go up and down completely randomly.
Pair Corralation between CI Games and Kogeneracja
Assuming the 90 days trading horizon CI Games SA is expected to under-perform the Kogeneracja. In addition to that, CI Games is 1.34 times more volatile than Kogeneracja SA. It trades about -0.11 of its total potential returns per unit of risk. Kogeneracja SA is currently generating about 0.06 per unit of volatility. If you would invest 3,590 in Kogeneracja SA on September 12, 2024 and sell it today you would earn a total of 1,740 from holding Kogeneracja SA or generate 48.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Games SA vs. Kogeneracja SA
Performance |
| Timeline |
| CI Games SA |
| Kogeneracja SA |
CI Games and Kogeneracja Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Games and Kogeneracja
The main advantage of trading using opposite CI Games and Kogeneracja positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Games position performs unexpectedly, Kogeneracja 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 Kogeneracja will offset losses from the drop in Kogeneracja's long position.| CI Games vs. CD PROJEKT SA | CI Games vs. PLAYWAY SA | CI Games vs. 11 bit studios | CI Games vs. TEN SQUARE GAMES |
| Kogeneracja vs. CI Games SA | Kogeneracja vs. Globe Trade Centre | Kogeneracja vs. Medicalg | Kogeneracja vs. Logintrade SA |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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