Correlation Between Genfit and Wicket Gaming
Can any of the company-specific risk be diversified away by investing in both Genfit and Wicket Gaming 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 Genfit and Wicket Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genfit and Wicket Gaming AB, you can compare the effects of market volatilities on Genfit and Wicket Gaming 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 Genfit with a short position of Wicket Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and Wicket Gaming.
Diversification Opportunities for Genfit and Wicket Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genfit and Wicket is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and Wicket Gaming AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wicket Gaming AB and Genfit 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 Genfit are associated (or correlated) with Wicket Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wicket Gaming AB has no effect on the direction of Genfit i.e., Genfit and Wicket Gaming go up and down completely randomly.
Pair Corralation between Genfit and Wicket Gaming
Given the investment horizon of 90 days Genfit is expected to generate 0.92 times more return on investment than Wicket Gaming. However, Genfit is 1.08 times less risky than Wicket Gaming. It trades about 0.02 of its potential returns per unit of risk. Wicket Gaming AB is currently generating about -0.06 per unit of risk. If you would invest 430.00 in Genfit on August 31, 2024 and sell it today you would lose (3.00) from holding Genfit or give up 0.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.72% |
| Values | Daily Returns |
Genfit vs. Wicket Gaming AB
Performance |
| Timeline |
| Genfit |
| Wicket Gaming AB |
Genfit and Wicket Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and Wicket Gaming
The main advantage of trading using opposite Genfit and Wicket Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, Wicket Gaming 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 Wicket Gaming will offset losses from the drop in Wicket Gaming's long position.| Genfit vs. Eliem Therapeutics | Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova |
| Wicket Gaming vs. Capcom Co Ltd | Wicket Gaming vs. CD Projekt SA | Wicket Gaming vs. Sega Sammy Holdings | Wicket Gaming vs. Playtika Holding Corp |
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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