Correlation Between GameStop Corp and ATRESMEDIA
Can any of the company-specific risk be diversified away by investing in both GameStop Corp and ATRESMEDIA 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 GameStop Corp and ATRESMEDIA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GameStop Corp and ATRESMEDIA, you can compare the effects of market volatilities on GameStop Corp and ATRESMEDIA 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 ATRESMEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of GameStop Corp and ATRESMEDIA.
Diversification Opportunities for GameStop Corp and ATRESMEDIA
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GameStop and ATRESMEDIA is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding GameStop Corp and ATRESMEDIA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRESMEDIA 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 ATRESMEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRESMEDIA has no effect on the direction of GameStop Corp i.e., GameStop Corp and ATRESMEDIA go up and down completely randomly.
Pair Corralation between GameStop Corp and ATRESMEDIA
Assuming the 90 days trading horizon GameStop Corp is expected to under-perform the ATRESMEDIA. In addition to that, GameStop Corp is 2.26 times more volatile than ATRESMEDIA. It trades about -0.26 of its total potential returns per unit of risk. ATRESMEDIA is currently generating about 0.22 per unit of volatility. If you would invest 419.00 in ATRESMEDIA on October 25, 2024 and sell it today you would earn a total of 21.00 from holding ATRESMEDIA or generate 5.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GameStop Corp vs. ATRESMEDIA
Performance |
| Timeline |
| GameStop Corp |
| ATRESMEDIA |
GameStop Corp and ATRESMEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GameStop Corp and ATRESMEDIA
The main advantage of trading using opposite GameStop Corp and ATRESMEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GameStop Corp position performs unexpectedly, ATRESMEDIA 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 ATRESMEDIA will offset losses from the drop in ATRESMEDIA's long position.| GameStop Corp vs. Summit Materials | GameStop Corp vs. EAGLE MATERIALS | GameStop Corp vs. Alaska Air Group | GameStop Corp vs. Pentair plc |
| ATRESMEDIA vs. NH HOTEL GROUP | ATRESMEDIA vs. Hyatt Hotels | ATRESMEDIA vs. Playa Hotels Resorts | ATRESMEDIA vs. SOEDER SPORTFISKE AB |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |