Correlation Between Mediaco Holding and Oblong
Can any of the company-specific risk be diversified away by investing in both Mediaco Holding and Oblong 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 Mediaco Holding and Oblong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mediaco Holding and Oblong Inc, you can compare the effects of market volatilities on Mediaco Holding and Oblong 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 Mediaco Holding with a short position of Oblong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mediaco Holding and Oblong.
Diversification Opportunities for Mediaco Holding and Oblong
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mediaco and Oblong is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Mediaco Holding and Oblong Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oblong Inc and Mediaco Holding 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 Mediaco Holding are associated (or correlated) with Oblong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oblong Inc has no effect on the direction of Mediaco Holding i.e., Mediaco Holding and Oblong go up and down completely randomly.
Pair Corralation between Mediaco Holding and Oblong
Given the investment horizon of 90 days Mediaco Holding is expected to generate 1.5 times more return on investment than Oblong. However, Mediaco Holding is 1.5 times more volatile than Oblong Inc. It trades about 0.05 of its potential returns per unit of risk. Oblong Inc is currently generating about -0.04 per unit of risk. If you would invest 120.00 in Mediaco Holding on August 28, 2024 and sell it today you would earn a total of 12.00 from holding Mediaco Holding or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mediaco Holding vs. Oblong Inc
Performance |
| Timeline |
| Mediaco Holding |
| Oblong Inc |
Mediaco Holding and Oblong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mediaco Holding and Oblong
The main advantage of trading using opposite Mediaco Holding and Oblong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mediaco Holding position performs unexpectedly, Oblong 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 Oblong will offset losses from the drop in Oblong's long position.| Mediaco Holding vs. Saga Communications | Mediaco Holding vs. ProSiebenSat1 Media AG | Mediaco Holding vs. Cumulus Media Class | Mediaco Holding vs. Beasley Broadcast Group |
| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. Bm Technologies | Oblong vs. ePlus inc |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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