Correlation Between Eidesvik Offshore and CONTAGIOUS GAMING
Can any of the company-specific risk be diversified away by investing in both Eidesvik Offshore and CONTAGIOUS GAMING 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 Eidesvik Offshore and CONTAGIOUS GAMING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eidesvik Offshore ASA and CONTAGIOUS GAMING INC, you can compare the effects of market volatilities on Eidesvik Offshore and CONTAGIOUS GAMING 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 Eidesvik Offshore with a short position of CONTAGIOUS GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eidesvik Offshore and CONTAGIOUS GAMING.
Diversification Opportunities for Eidesvik Offshore and CONTAGIOUS GAMING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eidesvik and CONTAGIOUS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eidesvik Offshore ASA and CONTAGIOUS GAMING INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONTAGIOUS GAMING INC and Eidesvik Offshore 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 Eidesvik Offshore ASA are associated (or correlated) with CONTAGIOUS GAMING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONTAGIOUS GAMING INC has no effect on the direction of Eidesvik Offshore i.e., Eidesvik Offshore and CONTAGIOUS GAMING go up and down completely randomly.
Pair Corralation between Eidesvik Offshore and CONTAGIOUS GAMING
If you would invest 0.30 in CONTAGIOUS GAMING INC on October 30, 2024 and sell it today you would earn a total of 0.00 from holding CONTAGIOUS GAMING INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.31% |
| Values | Daily Returns |
Eidesvik Offshore ASA vs. CONTAGIOUS GAMING INC
Performance |
| Timeline |
| Eidesvik Offshore ASA |
| CONTAGIOUS GAMING INC |
Eidesvik Offshore and CONTAGIOUS GAMING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eidesvik Offshore and CONTAGIOUS GAMING
The main advantage of trading using opposite Eidesvik Offshore and CONTAGIOUS GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eidesvik Offshore position performs unexpectedly, CONTAGIOUS GAMING 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 CONTAGIOUS GAMING will offset losses from the drop in CONTAGIOUS GAMING's long position.| Eidesvik Offshore vs. Television Broadcasts Limited | Eidesvik Offshore vs. Unity Software | Eidesvik Offshore vs. GOLD ROAD RES | Eidesvik Offshore vs. TRAINLINE PLC LS |
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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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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