Correlation Between Guild Esports and Live Current

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Can any of the company-specific risk be diversified away by investing in both Guild Esports and Live Current 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 Guild Esports and Live Current into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guild Esports Plc and Live Current Media, you can compare the effects of market volatilities on Guild Esports and Live Current 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 Guild Esports with a short position of Live Current. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guild Esports and Live Current.

Diversification Opportunities for Guild Esports and Live Current

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Guild and Live is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guild Esports Plc and Live Current Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Live Current Media and Guild Esports 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 Guild Esports Plc are associated (or correlated) with Live Current. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Live Current Media has no effect on the direction of Guild Esports i.e., Guild Esports and Live Current go up and down completely randomly.

Pair Corralation between Guild Esports and Live Current

If you would invest  0.27  in Guild Esports Plc on August 31, 2024 and sell it today you would earn a total of  0.50  from holding Guild Esports Plc or generate 185.19% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy63.64%
ValuesDaily Returns

Guild Esports Plc  vs.  Live Current Media

 Performance 
       Timeline  
Guild Esports Plc 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Guild Esports Plc are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile fundamental indicators, Guild Esports reported solid returns over the last few months and may actually be approaching a breakup point.
Live Current Media 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Live Current Media has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Live Current is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

Guild Esports and Live Current Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Guild Esports and Live Current

The main advantage of trading using opposite Guild Esports and Live Current positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guild Esports position performs unexpectedly, Live Current 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 Live Current will offset losses from the drop in Live Current's long position.
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The idea behind Guild Esports Plc and Live Current Media pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.

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