Correlation Between Glory Star and MGO Global
Can any of the company-specific risk be diversified away by investing in both Glory Star and MGO Global 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 Glory Star and MGO Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glory Star New and MGO Global Common, you can compare the effects of market volatilities on Glory Star and MGO Global 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 Glory Star with a short position of MGO Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glory Star and MGO Global.
Diversification Opportunities for Glory Star and MGO Global
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Glory and MGO is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Glory Star New and MGO Global Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MGO Global Common and Glory Star 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 Glory Star New are associated (or correlated) with MGO Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MGO Global Common has no effect on the direction of Glory Star i.e., Glory Star and MGO Global go up and down completely randomly.
Pair Corralation between Glory Star and MGO Global
If you would invest 50.00 in Glory Star New on November 1, 2024 and sell it today you would earn a total of 0.00 from holding Glory Star New or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Glory Star New vs. MGO Global Common
Performance |
| Timeline |
| Glory Star New |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| MGO Global Common |
Glory Star and MGO Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glory Star and MGO Global
The main advantage of trading using opposite Glory Star and MGO Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glory Star position performs unexpectedly, MGO Global 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 MGO Global will offset losses from the drop in MGO Global's long position.| Glory Star vs. Global Payout | Glory Star vs. Clubhouse Media Group | Glory Star vs. ZW Data Action | Glory Star vs. MGO Global Common |
| MGO Global vs. Baosheng Media Group | MGO Global vs. National CineMedia | MGO Global vs. Glory Star New | MGO Global vs. Impact Fusion International |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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