Correlation Between GainClients and Agilysys
Can any of the company-specific risk be diversified away by investing in both GainClients and Agilysys 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 GainClients and Agilysys into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GainClients and Agilysys, you can compare the effects of market volatilities on GainClients and Agilysys 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 GainClients with a short position of Agilysys. Check out your portfolio center. Please also check ongoing floating volatility patterns of GainClients and Agilysys.
Diversification Opportunities for GainClients and Agilysys
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GainClients and Agilysys is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding GainClients and Agilysys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilysys and GainClients 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 GainClients are associated (or correlated) with Agilysys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilysys has no effect on the direction of GainClients i.e., GainClients and Agilysys go up and down completely randomly.
Pair Corralation between GainClients and Agilysys
If you would invest 10,004 in Agilysys on September 1, 2024 and sell it today you would earn a total of 3,426 from holding Agilysys or generate 34.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
GainClients vs. Agilysys
Performance |
| Timeline |
| GainClients |
| Agilysys |
GainClients and Agilysys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GainClients and Agilysys
The main advantage of trading using opposite GainClients and Agilysys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GainClients position performs unexpectedly, Agilysys 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 Agilysys will offset losses from the drop in Agilysys' long position.| GainClients vs. Dave Warrants | GainClients vs. Business Warrior | GainClients vs. Fernhill Corp | GainClients vs. Bowmo 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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