Correlation Between Cinemark Holdings and Kartoon Studios,
Can any of the company-specific risk be diversified away by investing in both Cinemark Holdings and Kartoon Studios, 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 Cinemark Holdings and Kartoon Studios, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cinemark Holdings and Kartoon Studios,, you can compare the effects of market volatilities on Cinemark Holdings and Kartoon Studios, 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 Cinemark Holdings with a short position of Kartoon Studios,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinemark Holdings and Kartoon Studios,.
Diversification Opportunities for Cinemark Holdings and Kartoon Studios,
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cinemark and Kartoon is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Cinemark Holdings and Kartoon Studios, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kartoon Studios, and Cinemark Holdings 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 Cinemark Holdings are associated (or correlated) with Kartoon Studios,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kartoon Studios, has no effect on the direction of Cinemark Holdings i.e., Cinemark Holdings and Kartoon Studios, go up and down completely randomly.
Pair Corralation between Cinemark Holdings and Kartoon Studios,
Considering the 90-day investment horizon Cinemark Holdings is expected to generate 0.51 times more return on investment than Kartoon Studios,. However, Cinemark Holdings is 1.97 times less risky than Kartoon Studios,. It trades about 0.1 of its potential returns per unit of risk. Kartoon Studios, is currently generating about -0.07 per unit of risk. If you would invest 1,202 in Cinemark Holdings on August 28, 2024 and sell it today you would earn a total of 2,123 from holding Cinemark Holdings or generate 176.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinemark Holdings vs. Kartoon Studios,
Performance |
| Timeline |
| Cinemark Holdings |
| Kartoon Studios, |
Cinemark Holdings and Kartoon Studios, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinemark Holdings and Kartoon Studios,
The main advantage of trading using opposite Cinemark Holdings and Kartoon Studios, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinemark Holdings position performs unexpectedly, Kartoon Studios, 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 Kartoon Studios, will offset losses from the drop in Kartoon Studios,'s long position.| Cinemark Holdings vs. News Corp B | Cinemark Holdings vs. Marcus | Cinemark Holdings vs. Liberty Media | Cinemark Holdings vs. Warner Music Group |
| Kartoon Studios, vs. Flexible Solutions International | Kartoon Studios, vs. Sapiens International | Kartoon Studios, vs. Hawkins | Kartoon Studios, vs. Sensient Technologies |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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