Correlation Between Monarch Casino and A SPAC
Can any of the company-specific risk be diversified away by investing in both Monarch Casino and A SPAC 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 Monarch Casino and A SPAC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Monarch Casino Resort and A SPAC I, you can compare the effects of market volatilities on Monarch Casino and A SPAC 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 Monarch Casino with a short position of A SPAC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monarch Casino and A SPAC.
Diversification Opportunities for Monarch Casino and A SPAC
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Monarch and ASCA is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Monarch Casino Resort and A SPAC I in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A SPAC I and Monarch Casino 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 Monarch Casino Resort are associated (or correlated) with A SPAC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A SPAC I has no effect on the direction of Monarch Casino i.e., Monarch Casino and A SPAC go up and down completely randomly.
Pair Corralation between Monarch Casino and A SPAC
If you would invest 7,772 in Monarch Casino Resort on October 23, 2024 and sell it today you would earn a total of 633.00 from holding Monarch Casino Resort or generate 8.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Monarch Casino Resort vs. A SPAC I
Performance |
| Timeline |
| Monarch Casino Resort |
| A SPAC I |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Monarch Casino and A SPAC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monarch Casino and A SPAC
The main advantage of trading using opposite Monarch Casino and A SPAC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monarch Casino position performs unexpectedly, A SPAC 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 A SPAC will offset losses from the drop in A SPAC's long position.| Monarch Casino vs. Red Rock Resorts | Monarch Casino vs. Full House Resorts | Monarch Casino vs. Ballys Corp | Monarch Casino vs. Golden Entertainment |
| A SPAC vs. Stantec | A SPAC vs. Monarch Casino Resort | A SPAC vs. Advanced Drainage Systems | A SPAC vs. Boyd Gaming |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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