Correlation Between Corsair Gaming and ASTRAZENECA

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Can any of the company-specific risk be diversified away by investing in both Corsair Gaming and ASTRAZENECA 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 Corsair Gaming and ASTRAZENECA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and ASTRAZENECA PLC, you can compare the effects of market volatilities on Corsair Gaming and ASTRAZENECA 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 Corsair Gaming with a short position of ASTRAZENECA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and ASTRAZENECA.

Diversification Opportunities for Corsair Gaming and ASTRAZENECA

-0.6
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Corsair and ASTRAZENECA is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming and ASTRAZENECA PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTRAZENECA PLC and Corsair 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 Corsair Gaming are associated (or correlated) with ASTRAZENECA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTRAZENECA PLC has no effect on the direction of Corsair Gaming i.e., Corsair Gaming and ASTRAZENECA go up and down completely randomly.

Pair Corralation between Corsair Gaming and ASTRAZENECA

Given the investment horizon of 90 days Corsair Gaming is expected to under-perform the ASTRAZENECA. In addition to that, Corsair Gaming is 9.53 times more volatile than ASTRAZENECA PLC. It trades about -0.03 of its total potential returns per unit of risk. ASTRAZENECA PLC is currently generating about 0.03 per unit of volatility. If you would invest  8,844  in ASTRAZENECA PLC on September 12, 2024 and sell it today you would earn a total of  381.00  from holding ASTRAZENECA PLC or generate 4.31% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy99.39%
ValuesDaily Returns

Corsair Gaming  vs.  ASTRAZENECA PLC

 Performance 
       Timeline  
Corsair Gaming 

Risk-Adjusted Performance

13 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Corsair Gaming are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Even with relatively fragile basic indicators, Corsair Gaming reported solid returns over the last few months and may actually be approaching a breakup point.
ASTRAZENECA PLC 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ASTRAZENECA PLC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, ASTRAZENECA is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Corsair Gaming and ASTRAZENECA Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Corsair Gaming and ASTRAZENECA

The main advantage of trading using opposite Corsair Gaming and ASTRAZENECA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming position performs unexpectedly, ASTRAZENECA 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 ASTRAZENECA will offset losses from the drop in ASTRAZENECA's long position.
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The idea behind Corsair Gaming and ASTRAZENECA PLC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.

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