Correlation Between Contagious Gaming and Canlan Ice
Can any of the company-specific risk be diversified away by investing in both Contagious Gaming and Canlan Ice 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 Contagious Gaming and Canlan Ice into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Contagious Gaming and Canlan Ice Sports, you can compare the effects of market volatilities on Contagious Gaming and Canlan Ice 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 Contagious Gaming with a short position of Canlan Ice. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contagious Gaming and Canlan Ice.
Diversification Opportunities for Contagious Gaming and Canlan Ice
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Contagious and Canlan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contagious Gaming and Canlan Ice Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canlan Ice Sports and Contagious Gaming 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 Contagious Gaming are associated (or correlated) with Canlan Ice. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canlan Ice Sports has no effect on the direction of Contagious Gaming i.e., Contagious Gaming and Canlan Ice go up and down completely randomly.
Pair Corralation between Contagious Gaming and Canlan Ice
Assuming the 90 days horizon Contagious Gaming is expected to generate 68.04 times more return on investment than Canlan Ice. However, Contagious Gaming is 68.04 times more volatile than Canlan Ice Sports. It trades about 0.0 of its potential returns per unit of risk. Canlan Ice Sports is currently generating about 0.13 per unit of risk. If you would invest 0.87 in Contagious Gaming on September 3, 2024 and sell it today you would lose (0.65) from holding Contagious Gaming or give up 74.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Contagious Gaming vs. Canlan Ice Sports
Performance |
| Timeline |
| Contagious Gaming |
| Canlan Ice Sports |
Contagious Gaming and Canlan Ice Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contagious Gaming and Canlan Ice
The main advantage of trading using opposite Contagious Gaming and Canlan Ice positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contagious Gaming position performs unexpectedly, Canlan Ice 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 Canlan Ice will offset losses from the drop in Canlan Ice's long position.| Contagious Gaming vs. US Global Investors | Contagious Gaming vs. Waste Management | Contagious Gaming vs. Viemed Healthcare | Contagious Gaming vs. Omni Health |
| Canlan Ice vs. Weibo Corp | Canlan Ice vs. WiMi Hologram Cloud | Canlan Ice vs. 51Talk Online Education | Canlan Ice vs. Relx PLC ADR |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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