Correlation Between GameStop Corp and STCITY
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By analyzing existing cross correlation between GameStop Corp and STCITY 65 15 JAN 28, you can compare the effects of market volatilities on GameStop Corp and STCITY 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 STCITY. Check out your portfolio center. Please also check ongoing floating volatility patterns of GameStop Corp and STCITY.
Diversification Opportunities for GameStop Corp and STCITY
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GameStop and STCITY is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding GameStop Corp and STCITY 65 15 JAN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STCITY 65 15 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 STCITY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STCITY 65 15 has no effect on the direction of GameStop Corp i.e., GameStop Corp and STCITY go up and down completely randomly.
Pair Corralation between GameStop Corp and STCITY
Considering the 90-day investment horizon GameStop Corp is expected to generate 23.12 times more return on investment than STCITY. However, GameStop Corp is 23.12 times more volatile than STCITY 65 15 JAN 28. It trades about 0.08 of its potential returns per unit of risk. STCITY 65 15 JAN 28 is currently generating about 0.01 per unit of risk. If you would invest 1,631 in GameStop Corp on September 3, 2024 and sell it today you would earn a total of 1,274 from holding GameStop Corp or generate 78.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 53.42% |
| Values | Daily Returns |
GameStop Corp vs. STCITY 65 15 JAN 28
Performance |
| Timeline |
| GameStop Corp |
| STCITY 65 15 |
GameStop Corp and STCITY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GameStop Corp and STCITY
The main advantage of trading using opposite GameStop Corp and STCITY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GameStop Corp position performs unexpectedly, STCITY 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 STCITY will offset losses from the drop in STCITY'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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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