Correlation Between Konami Holdings and Doubledown Interactive
Can any of the company-specific risk be diversified away by investing in both Konami Holdings and Doubledown Interactive 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 Konami Holdings and Doubledown Interactive into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Konami Holdings and Doubledown Interactive Co, you can compare the effects of market volatilities on Konami Holdings and Doubledown Interactive 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 Konami Holdings with a short position of Doubledown Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konami Holdings and Doubledown Interactive.
Diversification Opportunities for Konami Holdings and Doubledown Interactive
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Konami and Doubledown is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Konami Holdings and Doubledown Interactive Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubledown Interactive and Konami Holdings 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 Konami Holdings are associated (or correlated) with Doubledown Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubledown Interactive has no effect on the direction of Konami Holdings i.e., Konami Holdings and Doubledown Interactive go up and down completely randomly.
Pair Corralation between Konami Holdings and Doubledown Interactive
If you would invest 1,415 in Doubledown Interactive Co on August 31, 2024 and sell it today you would earn a total of 55.00 from holding Doubledown Interactive Co or generate 3.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Konami Holdings vs. Doubledown Interactive Co
Performance |
| Timeline |
| Konami Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Doubledown Interactive |
Konami Holdings and Doubledown Interactive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konami Holdings and Doubledown Interactive
The main advantage of trading using opposite Konami Holdings and Doubledown Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konami Holdings position performs unexpectedly, Doubledown Interactive 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 Doubledown Interactive will offset losses from the drop in Doubledown Interactive's long position.| Konami Holdings vs. Village Super Market | Konami Holdings vs. Park Hotels Resorts | Konami Holdings vs. Shake Shack | Konami Holdings vs. Celsius Holdings |
| Doubledown Interactive vs. Playtika Holding Corp | Doubledown Interactive vs. SohuCom | Doubledown Interactive vs. Playstudios | Doubledown Interactive vs. GDEV Inc |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |