Correlation Between Fantasy 360 and GameOn Entertainment
Can any of the company-specific risk be diversified away by investing in both Fantasy 360 and GameOn Entertainment 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 Fantasy 360 and GameOn Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fantasy 360 Technologies and GameOn Entertainment Technologies, you can compare the effects of market volatilities on Fantasy 360 and GameOn Entertainment 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 Fantasy 360 with a short position of GameOn Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fantasy 360 and GameOn Entertainment.
Diversification Opportunities for Fantasy 360 and GameOn Entertainment
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fantasy and GameOn is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Fantasy 360 Technologies and GameOn Entertainment Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GameOn Entertainment and Fantasy 360 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 Fantasy 360 Technologies are associated (or correlated) with GameOn Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GameOn Entertainment has no effect on the direction of Fantasy 360 i.e., Fantasy 360 and GameOn Entertainment go up and down completely randomly.
Pair Corralation between Fantasy 360 and GameOn Entertainment
Assuming the 90 days horizon Fantasy 360 is expected to generate 1.37 times less return on investment than GameOn Entertainment. But when comparing it to its historical volatility, Fantasy 360 Technologies is 5.15 times less risky than GameOn Entertainment. It trades about 0.25 of its potential returns per unit of risk. GameOn Entertainment Technologies is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1.04 in GameOn Entertainment Technologies on September 12, 2024 and sell it today you would lose (0.29) from holding GameOn Entertainment Technologies or give up 27.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 73.91% |
| Values | Daily Returns |
Fantasy 360 Technologies vs. GameOn Entertainment Technolog
Performance |
| Timeline |
| Fantasy 360 Technologies |
| GameOn Entertainment |
Fantasy 360 and GameOn Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fantasy 360 and GameOn Entertainment
The main advantage of trading using opposite Fantasy 360 and GameOn Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fantasy 360 position performs unexpectedly, GameOn Entertainment 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 GameOn Entertainment will offset losses from the drop in GameOn Entertainment's long position.| Fantasy 360 vs. GameOn Entertainment Technologies | Fantasy 360 vs. Victory Square Technologies | Fantasy 360 vs. Mobilum Technologies | Fantasy 360 vs. Windfall Geotek |
| GameOn Entertainment vs. NEXON Co | GameOn Entertainment vs. i3 Interactive | GameOn Entertainment vs. Playstudios | GameOn Entertainment vs. Doubledown Interactive Co |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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