Correlation Between CI Games and Monnari Trade
Can any of the company-specific risk be diversified away by investing in both CI Games and Monnari Trade 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 Monnari Trade 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 Monnari Trade SA, you can compare the effects of market volatilities on CI Games and Monnari Trade 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 Monnari Trade. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Games and Monnari Trade.
Diversification Opportunities for CI Games and Monnari Trade
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between CIG and Monnari is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding CI Games SA and Monnari Trade SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monnari Trade 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 Monnari Trade. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monnari Trade SA has no effect on the direction of CI Games i.e., CI Games and Monnari Trade go up and down completely randomly.
Pair Corralation between CI Games and Monnari Trade
Assuming the 90 days trading horizon CI Games SA is expected to under-perform the Monnari Trade. In addition to that, CI Games is 1.71 times more volatile than Monnari Trade SA. It trades about 0.0 of its total potential returns per unit of risk. Monnari Trade SA is currently generating about 0.01 per unit of volatility. If you would invest 506.00 in Monnari Trade SA on December 11, 2024 and sell it today you would lose (4.00) from holding Monnari Trade SA or give up 0.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Games SA vs. Monnari Trade SA
Performance |
| Timeline |
| CI Games SA |
| Monnari Trade SA |
CI Games and Monnari Trade Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Games and Monnari Trade
The main advantage of trading using opposite CI Games and Monnari Trade positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Games position performs unexpectedly, Monnari Trade 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 Monnari Trade will offset losses from the drop in Monnari Trade's long position.| CI Games vs. GreenX Metals | ||
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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