Correlation Between FingerMotion and Grupo Televisa
Can any of the company-specific risk be diversified away by investing in both FingerMotion and Grupo Televisa 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 FingerMotion and Grupo Televisa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FingerMotion and Grupo Televisa SAB, you can compare the effects of market volatilities on FingerMotion and Grupo Televisa 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 FingerMotion with a short position of Grupo Televisa. Check out your portfolio center. Please also check ongoing floating volatility patterns of FingerMotion and Grupo Televisa.
Diversification Opportunities for FingerMotion and Grupo Televisa
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between FingerMotion and Grupo is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding FingerMotion and Grupo Televisa SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Televisa SAB and FingerMotion 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 FingerMotion are associated (or correlated) with Grupo Televisa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Televisa SAB has no effect on the direction of FingerMotion i.e., FingerMotion and Grupo Televisa go up and down completely randomly.
Pair Corralation between FingerMotion and Grupo Televisa
Given the investment horizon of 90 days FingerMotion is expected to generate 1.71 times more return on investment than Grupo Televisa. However, FingerMotion is 1.71 times more volatile than Grupo Televisa SAB. It trades about 0.04 of its potential returns per unit of risk. Grupo Televisa SAB is currently generating about -0.45 per unit of risk. If you would invest 194.00 in FingerMotion on August 31, 2024 and sell it today you would earn a total of 3.00 from holding FingerMotion or generate 1.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FingerMotion vs. Grupo Televisa SAB
Performance |
| Timeline |
| FingerMotion |
| Grupo Televisa SAB |
FingerMotion and Grupo Televisa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FingerMotion and Grupo Televisa
The main advantage of trading using opposite FingerMotion and Grupo Televisa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FingerMotion position performs unexpectedly, Grupo Televisa 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 Grupo Televisa will offset losses from the drop in Grupo Televisa's long position.| FingerMotion vs. Liberty Broadband Srs | FingerMotion vs. KT Corporation | FingerMotion vs. Liberty Broadband Srs | FingerMotion vs. Consolidated Communications |
| Grupo Televisa vs. RLJ Lodging Trust | Grupo Televisa vs. Aquagold International | Grupo Televisa vs. Stepstone Group | Grupo Televisa vs. Morningstar Unconstrained Allocation |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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