Correlation Between 36Kr Holdings and Enthusiast Gaming
Can any of the company-specific risk be diversified away by investing in both 36Kr Holdings and Enthusiast 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 36Kr Holdings and Enthusiast Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 36Kr Holdings and Enthusiast Gaming Holdings, you can compare the effects of market volatilities on 36Kr Holdings and Enthusiast 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 36Kr Holdings with a short position of Enthusiast Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36Kr Holdings and Enthusiast Gaming.
Diversification Opportunities for 36Kr Holdings and Enthusiast Gaming
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 36Kr and Enthusiast is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding 36Kr Holdings and Enthusiast Gaming Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enthusiast Gaming and 36Kr 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 36Kr Holdings are associated (or correlated) with Enthusiast Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enthusiast Gaming has no effect on the direction of 36Kr Holdings i.e., 36Kr Holdings and Enthusiast Gaming go up and down completely randomly.
Pair Corralation between 36Kr Holdings and Enthusiast Gaming
If you would invest 61.00 in Enthusiast Gaming Holdings on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Enthusiast Gaming Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
36Kr Holdings vs. Enthusiast Gaming Holdings
Performance |
| Timeline |
| 36Kr Holdings |
| Enthusiast Gaming |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
36Kr Holdings and Enthusiast Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36Kr Holdings and Enthusiast Gaming
The main advantage of trading using opposite 36Kr Holdings and Enthusiast Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36Kr Holdings position performs unexpectedly, Enthusiast 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 Enthusiast Gaming will offset losses from the drop in Enthusiast Gaming's long position.| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
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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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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