Correlation Between Enthusiast Gaming and 36Kr Holdings
Can any of the company-specific risk be diversified away by investing in both Enthusiast Gaming and 36Kr Holdings 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 Enthusiast Gaming and 36Kr Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enthusiast Gaming Holdings and 36Kr Holdings, you can compare the effects of market volatilities on Enthusiast Gaming and 36Kr Holdings 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 Enthusiast Gaming with a short position of 36Kr Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enthusiast Gaming and 36Kr Holdings.
Diversification Opportunities for Enthusiast Gaming and 36Kr Holdings
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enthusiast and 36Kr is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Enthusiast Gaming Holdings and 36Kr Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 36Kr Holdings and Enthusiast 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 Enthusiast Gaming Holdings are associated (or correlated) with 36Kr Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 36Kr Holdings has no effect on the direction of Enthusiast Gaming i.e., Enthusiast Gaming and 36Kr Holdings go up and down completely randomly.
Pair Corralation between Enthusiast Gaming and 36Kr Holdings
If you would invest 61.00 in Enthusiast Gaming Holdings on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Enthusiast Gaming Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Enthusiast Gaming Holdings vs. 36Kr Holdings
Performance |
| Timeline |
| Enthusiast Gaming |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| 36Kr Holdings |
Enthusiast Gaming and 36Kr Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enthusiast Gaming and 36Kr Holdings
The main advantage of trading using opposite Enthusiast Gaming and 36Kr Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enthusiast Gaming position performs unexpectedly, 36Kr Holdings 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 36Kr Holdings will offset losses from the drop in 36Kr Holdings' long position.| Enthusiast Gaming vs. BuzzFeed | Enthusiast Gaming vs. Asset Entities Class | Enthusiast Gaming vs. Arena Group Holdings | Enthusiast Gaming vs. Cheetah Mobile |
| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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