Correlation Between GameStop Corp and SUMILF
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By analyzing existing cross correlation between GameStop Corp and SUMILF 3375 15 APR 81, you can compare the effects of market volatilities on GameStop Corp and SUMILF 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 SUMILF. Check out your portfolio center. Please also check ongoing floating volatility patterns of GameStop Corp and SUMILF.
Diversification Opportunities for GameStop Corp and SUMILF
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GameStop and SUMILF is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding GameStop Corp and SUMILF 3375 15 APR 81 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMILF 3375 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 SUMILF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMILF 3375 15 has no effect on the direction of GameStop Corp i.e., GameStop Corp and SUMILF go up and down completely randomly.
Pair Corralation between GameStop Corp and SUMILF
Considering the 90-day investment horizon GameStop Corp is expected to generate 6.56 times more return on investment than SUMILF. However, GameStop Corp is 6.56 times more volatile than SUMILF 3375 15 APR 81. It trades about 0.04 of its potential returns per unit of risk. SUMILF 3375 15 APR 81 is currently generating about 0.08 per unit of risk. If you would invest 2,267 in GameStop Corp on September 2, 2024 and sell it today you would earn a total of 638.00 from holding GameStop Corp or generate 28.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 12.5% |
| Values | Daily Returns |
GameStop Corp vs. SUMILF 3375 15 APR 81
Performance |
| Timeline |
| GameStop Corp |
| SUMILF 3375 15 |
GameStop Corp and SUMILF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GameStop Corp and SUMILF
The main advantage of trading using opposite GameStop Corp and SUMILF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GameStop Corp position performs unexpectedly, SUMILF 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 SUMILF will offset losses from the drop in SUMILF's long position.| GameStop Corp vs. RH | GameStop Corp vs. Dicks Sporting Goods | GameStop Corp vs. Best Buy Co | GameStop Corp vs. AutoZone |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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