Correlation Between Genius Sports and Comscore

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Can any of the company-specific risk be diversified away by investing in both Genius Sports and Comscore 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 Genius Sports and Comscore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genius Sports and Comscore, you can compare the effects of market volatilities on Genius Sports and Comscore 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 Genius Sports with a short position of Comscore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genius Sports and Comscore.

Diversification Opportunities for Genius Sports and Comscore

0.73
  Correlation Coefficient

Poor diversification

The 3 months correlation between Genius and Comscore is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Genius Sports and Comscore in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comscore and Genius Sports 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 Genius Sports are associated (or correlated) with Comscore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comscore has no effect on the direction of Genius Sports i.e., Genius Sports and Comscore go up and down completely randomly.

Pair Corralation between Genius Sports and Comscore

Given the investment horizon of 90 days Genius Sports is expected to generate 0.57 times more return on investment than Comscore. However, Genius Sports is 1.75 times less risky than Comscore. It trades about 0.05 of its potential returns per unit of risk. Comscore is currently generating about -0.01 per unit of risk. If you would invest  876.00  in Genius Sports on October 24, 2024 and sell it today you would earn a total of  15.00  from holding Genius Sports or generate 1.71% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Genius Sports  vs.  Comscore

 Performance 
       Timeline  
Genius Sports 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Genius Sports are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite fairly weak basic indicators, Genius Sports demonstrated solid returns over the last few months and may actually be approaching a breakup point.
Comscore 

Risk-Adjusted Performance

3 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in Comscore are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Comscore reported solid returns over the last few months and may actually be approaching a breakup point.

Genius Sports and Comscore Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Genius Sports and Comscore

The main advantage of trading using opposite Genius Sports and Comscore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genius Sports position performs unexpectedly, Comscore 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 Comscore will offset losses from the drop in Comscore's long position.
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The idea behind Genius Sports and Comscore pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.

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