Correlation Between Contagious Gaming and Westinghouse Air
Can any of the company-specific risk be diversified away by investing in both Contagious Gaming and Westinghouse Air 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 Westinghouse Air into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Contagious Gaming and Westinghouse Air Brake, you can compare the effects of market volatilities on Contagious Gaming and Westinghouse Air 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 Westinghouse Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contagious Gaming and Westinghouse Air.
Diversification Opportunities for Contagious Gaming and Westinghouse Air
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Contagious and Westinghouse is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contagious Gaming and Westinghouse Air Brake in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Westinghouse Air Brake 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 Westinghouse Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Westinghouse Air Brake has no effect on the direction of Contagious Gaming i.e., Contagious Gaming and Westinghouse Air go up and down completely randomly.
Pair Corralation between Contagious Gaming and Westinghouse Air
If you would invest 18,861 in Westinghouse Air Brake on September 3, 2024 and sell it today you would earn a total of 1,201 from holding Westinghouse Air Brake or generate 6.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Contagious Gaming vs. Westinghouse Air Brake
Performance |
| Timeline |
| Contagious Gaming |
| Westinghouse Air Brake |
Contagious Gaming and Westinghouse Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contagious Gaming and Westinghouse Air
The main advantage of trading using opposite Contagious Gaming and Westinghouse Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contagious Gaming position performs unexpectedly, Westinghouse Air 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 Westinghouse Air will offset losses from the drop in Westinghouse Air's long position.| Contagious Gaming vs. US Global Investors | Contagious Gaming vs. Waste Management | Contagious Gaming vs. Viemed Healthcare | Contagious Gaming vs. Omni Health |
| Westinghouse Air vs. Greenbrier Companies | Westinghouse Air vs. LB Foster | Westinghouse Air vs. Freightcar America | Westinghouse Air vs. CSX Corporation |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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