Correlation Between Imax Corp and Eros Media
Can any of the company-specific risk be diversified away by investing in both Imax Corp and Eros Media 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 Imax Corp and Eros Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imax Corp and Eros Media World, you can compare the effects of market volatilities on Imax Corp and Eros Media 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 Imax Corp with a short position of Eros Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imax Corp and Eros Media.
Diversification Opportunities for Imax Corp and Eros Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Imax and Eros is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Imax Corp and Eros Media World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eros Media World and Imax 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 Imax Corp are associated (or correlated) with Eros Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eros Media World has no effect on the direction of Imax Corp i.e., Imax Corp and Eros Media go up and down completely randomly.
Pair Corralation between Imax Corp and Eros Media
If you would invest 2,319 in Imax Corp on November 18, 2024 and sell it today you would earn a total of 378.00 from holding Imax Corp or generate 16.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Imax Corp vs. Eros Media World
Performance |
| Timeline |
| Imax Corp |
| Eros Media World |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Imax Corp and Eros Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imax Corp and Eros Media
The main advantage of trading using opposite Imax Corp and Eros Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imax Corp position performs unexpectedly, Eros Media 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 Eros Media will offset losses from the drop in Eros Media's long position.| Imax Corp vs. Marcus | Imax Corp vs. Dave Busters Entertainment | Imax Corp vs. AMC Networks | Imax Corp vs. News Corp A |
| Eros Media vs. Anghami Warrants | Eros Media vs. Maxx Sports TV | Eros Media vs. American Picture House | Eros Media vs. Imax 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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