Correlation Between Genius Brands and Aftermaster
Can any of the company-specific risk be diversified away by investing in both Genius Brands and Aftermaster 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 Brands and Aftermaster into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genius Brands International and Aftermaster, you can compare the effects of market volatilities on Genius Brands and Aftermaster 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 Brands with a short position of Aftermaster. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genius Brands and Aftermaster.
Diversification Opportunities for Genius Brands and Aftermaster
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genius and Aftermaster is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genius Brands International and Aftermaster in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aftermaster and Genius Brands 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 Brands International are associated (or correlated) with Aftermaster. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aftermaster has no effect on the direction of Genius Brands i.e., Genius Brands and Aftermaster go up and down completely randomly.
Pair Corralation between Genius Brands and Aftermaster
Given the investment horizon of 90 days Genius Brands International is expected to under-perform the Aftermaster. But the stock apears to be less risky and, when comparing its historical volatility, Genius Brands International is 1.33 times less risky than Aftermaster. The stock trades about -0.07 of its potential returns per unit of risk. The Aftermaster is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 0.01 in Aftermaster on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Aftermaster or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 27.27% |
| Values | Daily Returns |
Genius Brands International vs. Aftermaster
Performance |
| Timeline |
| Genius Brands Intern |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Aftermaster |
Genius Brands and Aftermaster Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genius Brands and Aftermaster
The main advantage of trading using opposite Genius Brands and Aftermaster positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genius Brands position performs unexpectedly, Aftermaster 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 Aftermaster will offset losses from the drop in Aftermaster's long position.| Genius Brands vs. Cineverse Corp | Genius Brands vs. LiveOne | Genius Brands vs. Hall of Fame | Genius Brands vs. Netflix |
| Aftermaster vs. American Picture House | Aftermaster vs. Anghami Warrants | Aftermaster vs. Maxx Sports TV |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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