Correlation Between CI Games and Movie Games
Can any of the company-specific risk be diversified away by investing in both CI Games and Movie Games 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 Movie Games 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 Movie Games SA, you can compare the effects of market volatilities on CI Games and Movie Games 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 Movie Games. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Games and Movie Games.
Diversification Opportunities for CI Games and Movie Games
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CIG and Movie is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding CI Games SA and Movie Games SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Movie Games 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 Movie Games. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Movie Games SA has no effect on the direction of CI Games i.e., CI Games and Movie Games go up and down completely randomly.
Pair Corralation between CI Games and Movie Games
Assuming the 90 days trading horizon CI Games SA is expected to under-perform the Movie Games. In addition to that, CI Games is 1.05 times more volatile than Movie Games SA. It trades about -0.06 of its total potential returns per unit of risk. Movie Games SA is currently generating about 0.0 per unit of volatility. If you would invest 2,200 in Movie Games SA on August 31, 2024 and sell it today you would lose (546.00) from holding Movie Games SA or give up 24.82% 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. Movie Games SA
Performance |
| Timeline |
| CI Games SA |
| Movie Games SA |
CI Games and Movie Games Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Games and Movie Games
The main advantage of trading using opposite CI Games and Movie Games positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Games position performs unexpectedly, Movie Games 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 Movie Games will offset losses from the drop in Movie Games' long position.| CI Games vs. Intersport Polska SA | CI Games vs. Enter Air SA | CI Games vs. X Trade Brokers | CI Games vs. Echo Investment SA |
| Movie Games vs. CD PROJEKT SA | Movie Games vs. PLAYWAY SA | Movie Games vs. TEN SQUARE GAMES | Movie Games vs. CI Games 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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