Correlation Between GameStop Corp and INTEL
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By analyzing existing cross correlation between GameStop Corp and INTEL P 48, you can compare the effects of market volatilities on GameStop Corp and INTEL 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 GameStop Corp with a short position of INTEL. Check out your portfolio center. Please also check ongoing floating volatility patterns of GameStop Corp and INTEL.
Diversification Opportunities for GameStop Corp and INTEL
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GameStop and INTEL is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding GameStop Corp and INTEL P 48 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTEL P 48 and GameStop Corp 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 GameStop Corp are associated (or correlated) with INTEL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTEL P 48 has no effect on the direction of GameStop Corp i.e., GameStop Corp and INTEL go up and down completely randomly.
Pair Corralation between GameStop Corp and INTEL
Considering the 90-day investment horizon GameStop Corp is expected to generate 1.65 times more return on investment than INTEL. However, GameStop Corp is 1.65 times more volatile than INTEL P 48. It trades about 0.44 of its potential returns per unit of risk. INTEL P 48 is currently generating about 0.1 per unit of risk. If you would invest 2,268 in GameStop Corp on August 30, 2024 and sell it today you would earn a total of 821.00 from holding GameStop Corp or generate 36.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
GameStop Corp vs. INTEL P 48
Performance |
| Timeline |
| GameStop Corp |
| INTEL P 48 |
GameStop Corp and INTEL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GameStop Corp and INTEL
The main advantage of trading using opposite GameStop Corp and INTEL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GameStop Corp position performs unexpectedly, INTEL 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 INTEL will offset losses from the drop in INTEL's long position.| GameStop Corp vs. RH | GameStop Corp vs. Dicks Sporting Goods | GameStop Corp vs. Best Buy Co | GameStop Corp vs. AutoZone |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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