Correlation Between Mondee Holdings and Gan
Can any of the company-specific risk be diversified away by investing in both Mondee Holdings and Gan 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 Mondee Holdings and Gan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mondee Holdings and Gan, you can compare the effects of market volatilities on Mondee Holdings and Gan 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 Mondee Holdings with a short position of Gan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mondee Holdings and Gan.
Diversification Opportunities for Mondee Holdings and Gan
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mondee and Gan is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Mondee Holdings and Gan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan and Mondee Holdings 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 Mondee Holdings are associated (or correlated) with Gan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan has no effect on the direction of Mondee Holdings i.e., Mondee Holdings and Gan go up and down completely randomly.
Pair Corralation between Mondee Holdings and Gan
Given the investment horizon of 90 days Mondee Holdings is expected to under-perform the Gan. In addition to that, Mondee Holdings is 8.15 times more volatile than Gan. It trades about -0.12 of its total potential returns per unit of risk. Gan is currently generating about 0.0 per unit of volatility. If you would invest 182.00 in Gan on August 24, 2024 and sell it today you would earn a total of 0.00 from holding Gan or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mondee Holdings vs. Gan
Performance |
| Timeline |
| Mondee Holdings |
| Gan |
Mondee Holdings and Gan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mondee Holdings and Gan
The main advantage of trading using opposite Mondee Holdings and Gan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mondee Holdings position performs unexpectedly, Gan 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 Gan will offset losses from the drop in Gan's long position.| Mondee Holdings vs. Yatra Online | Mondee Holdings vs. Despegar Corp | Mondee Holdings vs. Lindblad Expeditions Holdings | Mondee Holdings vs. MakeMyTrip Limited |
| Gan vs. Rush Street Interactive | Gan vs. Inspired Entertainment | Gan vs. PointsBet Holdings Limited | Gan vs. PlayAGS |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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