Correlation Between Mattel and Glorywin Entertainment
Can any of the company-specific risk be diversified away by investing in both Mattel and Glorywin Entertainment 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 Mattel and Glorywin Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mattel Inc and Glorywin Entertainment Group, you can compare the effects of market volatilities on Mattel and Glorywin Entertainment 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 Mattel with a short position of Glorywin Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mattel and Glorywin Entertainment.
Diversification Opportunities for Mattel and Glorywin Entertainment
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mattel and Glorywin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mattel Inc and Glorywin Entertainment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glorywin Entertainment and Mattel 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 Mattel Inc are associated (or correlated) with Glorywin Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glorywin Entertainment has no effect on the direction of Mattel i.e., Mattel and Glorywin Entertainment go up and down completely randomly.
Pair Corralation between Mattel and Glorywin Entertainment
If you would invest 1,768 in Mattel Inc on October 29, 2024 and sell it today you would earn a total of 50.00 from holding Mattel Inc or generate 2.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mattel Inc vs. Glorywin Entertainment Group
Performance |
| Timeline |
| Mattel Inc |
| Glorywin Entertainment |
Mattel and Glorywin Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mattel and Glorywin Entertainment
The main advantage of trading using opposite Mattel and Glorywin Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mattel position performs unexpectedly, Glorywin Entertainment 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 Glorywin Entertainment will offset losses from the drop in Glorywin Entertainment's long position.| Mattel vs. Funko Inc | Mattel vs. JAKKS Pacific | Mattel vs. Madison Square Garden | Mattel vs. Life Time Group |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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