Correlation Between InPlay Oil and Contagious Gaming
Can any of the company-specific risk be diversified away by investing in both InPlay Oil and Contagious Gaming 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 InPlay Oil and Contagious Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between InPlay Oil Corp and Contagious Gaming, you can compare the effects of market volatilities on InPlay Oil and Contagious Gaming 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 InPlay Oil with a short position of Contagious Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of InPlay Oil and Contagious Gaming.
Diversification Opportunities for InPlay Oil and Contagious Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between InPlay and Contagious is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding InPlay Oil Corp and Contagious Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contagious Gaming and InPlay Oil 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 InPlay Oil Corp are associated (or correlated) with Contagious Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contagious Gaming has no effect on the direction of InPlay Oil i.e., InPlay Oil and Contagious Gaming go up and down completely randomly.
Pair Corralation between InPlay Oil and Contagious Gaming
If you would invest 166.00 in InPlay Oil Corp on October 13, 2024 and sell it today you would earn a total of 14.00 from holding InPlay Oil Corp or generate 8.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
InPlay Oil Corp vs. Contagious Gaming
Performance |
| Timeline |
| InPlay Oil Corp |
| Contagious Gaming |
InPlay Oil and Contagious Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InPlay Oil and Contagious Gaming
The main advantage of trading using opposite InPlay Oil and Contagious Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InPlay Oil position performs unexpectedly, Contagious Gaming 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 Contagious Gaming will offset losses from the drop in Contagious Gaming's long position.| InPlay Oil vs. Gear Energy | InPlay Oil vs. Journey Energy | InPlay Oil vs. Yangarra Resources | InPlay Oil vs. Obsidian Energy |
| Contagious Gaming vs. Computer Modelling Group | Contagious Gaming vs. Air Canada | Contagious Gaming vs. Titanium Transportation Group | Contagious Gaming vs. InPlay Oil 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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