Correlation Between MOGU and Starbox Group
Can any of the company-specific risk be diversified away by investing in both MOGU and Starbox Group 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 MOGU and Starbox Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MOGU Inc and Starbox Group Holdings, you can compare the effects of market volatilities on MOGU and Starbox Group 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 MOGU with a short position of Starbox Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of MOGU and Starbox Group.
Diversification Opportunities for MOGU and Starbox Group
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between MOGU and Starbox is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding MOGU Inc and Starbox Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Starbox Group Holdings and MOGU 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 MOGU Inc are associated (or correlated) with Starbox Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Starbox Group Holdings has no effect on the direction of MOGU i.e., MOGU and Starbox Group go up and down completely randomly.
Pair Corralation between MOGU and Starbox Group
Given the investment horizon of 90 days MOGU Inc is expected to generate 0.71 times more return on investment than Starbox Group. However, MOGU Inc is 1.41 times less risky than Starbox Group. It trades about 0.01 of its potential returns per unit of risk. Starbox Group Holdings is currently generating about -0.09 per unit of risk. If you would invest 277.00 in MOGU Inc on September 2, 2024 and sell it today you would lose (55.00) from holding MOGU Inc or give up 19.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.12% |
| Values | Daily Returns |
MOGU Inc vs. Starbox Group Holdings
Performance |
| Timeline |
| MOGU Inc |
| Starbox Group Holdings |
MOGU and Starbox Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MOGU and Starbox Group
The main advantage of trading using opposite MOGU and Starbox Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MOGU position performs unexpectedly, Starbox Group 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 Starbox Group will offset losses from the drop in Starbox Group's long position.| MOGU vs. iPower Inc | MOGU vs. LightInTheBox Holding Co | MOGU vs. Qurate Retail Series | MOGU vs. Kidpik Corp |
| Starbox Group vs. Tencent Music Entertainment | Starbox Group vs. Weibo Corp | Starbox Group vs. DouYu International Holdings | Starbox Group vs. Baidu 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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