Correlation Between CI Games and Pixel Crow
Can any of the company-specific risk be diversified away by investing in both CI Games and Pixel Crow 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 Pixel Crow 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 Pixel Crow Games, you can compare the effects of market volatilities on CI Games and Pixel Crow 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 Pixel Crow. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Games and Pixel Crow.
Diversification Opportunities for CI Games and Pixel Crow
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between CIG and Pixel is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding CI Games SA and Pixel Crow Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pixel Crow Games 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 Pixel Crow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pixel Crow Games has no effect on the direction of CI Games i.e., CI Games and Pixel Crow go up and down completely randomly.
Pair Corralation between CI Games and Pixel Crow
Assuming the 90 days trading horizon CI Games is expected to generate 8.78 times less return on investment than Pixel Crow. But when comparing it to its historical volatility, CI Games SA is 3.5 times less risky than Pixel Crow. It trades about 0.05 of its potential returns per unit of risk. Pixel Crow Games is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 5.00 in Pixel Crow Games on January 17, 2025 and sell it today you would earn a total of 0.20 from holding Pixel Crow Games or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 26.09% |
| Values | Daily Returns |
CI Games SA vs. Pixel Crow Games
Performance |
| Timeline |
| CI Games SA |
| Pixel Crow Games |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
CI Games and Pixel Crow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Games and Pixel Crow
The main advantage of trading using opposite CI Games and Pixel Crow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Games position performs unexpectedly, Pixel Crow 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 Pixel Crow will offset losses from the drop in Pixel Crow's long position.| CI Games vs. Drago entertainment SA | CI Games vs. Centrum Finansowe Banku | CI Games vs. Medicalg | CI Games vs. PLAYWAY SA |
| Pixel Crow vs. Examobile SA | Pixel Crow vs. PMPG Polskie Media | Pixel Crow vs. SOFTWARE MANSION SPOLKA | Pixel Crow vs. Biztech Konsulting 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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