Correlation Between Contagious Gaming and Sun Life
Can any of the company-specific risk be diversified away by investing in both Contagious Gaming and Sun Life 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 Contagious Gaming and Sun Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Contagious Gaming and Sun Life Financial, you can compare the effects of market volatilities on Contagious Gaming and Sun Life 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 Contagious Gaming with a short position of Sun Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contagious Gaming and Sun Life.
Diversification Opportunities for Contagious Gaming and Sun Life
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Contagious and Sun is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contagious Gaming and Sun Life Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Life Financial and Contagious Gaming 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 Contagious Gaming are associated (or correlated) with Sun Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Life Financial has no effect on the direction of Contagious Gaming i.e., Contagious Gaming and Sun Life go up and down completely randomly.
Pair Corralation between Contagious Gaming and Sun Life
If you would invest 1.00 in Contagious Gaming on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Contagious Gaming or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Contagious Gaming vs. Sun Life Financial
Performance |
| Timeline |
| Contagious Gaming |
| Sun Life Financial |
Contagious Gaming and Sun Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contagious Gaming and Sun Life
The main advantage of trading using opposite Contagious Gaming and Sun Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contagious Gaming position performs unexpectedly, Sun Life 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 Sun Life will offset losses from the drop in Sun Life's long position.| Contagious Gaming vs. VIP Entertainment Technologies | Contagious Gaming vs. Electra Battery Materials | Contagious Gaming vs. iSign Media Solutions | Contagious Gaming vs. Doman Building Materials |
| Sun Life vs. MAG Silver Corp | Sun Life vs. Millennium Silver Corp | Sun Life vs. Earth Alive Clean | Sun Life vs. Monument Mining Limited |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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