Correlation Between Mondee Holdings and Las Vegas
Can any of the company-specific risk be diversified away by investing in both Mondee Holdings and Las Vegas 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 Las Vegas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mondee Holdings and Las Vegas Sands, you can compare the effects of market volatilities on Mondee Holdings and Las Vegas 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 Las Vegas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mondee Holdings and Las Vegas.
Diversification Opportunities for Mondee Holdings and Las Vegas
-0.84 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mondee and Las is -0.84. Overlapping area represents the amount of risk that can be diversified away by holding Mondee Holdings and Las Vegas Sands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Las Vegas Sands 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 Las Vegas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Las Vegas Sands has no effect on the direction of Mondee Holdings i.e., Mondee Holdings and Las Vegas go up and down completely randomly.
Pair Corralation between Mondee Holdings and Las Vegas
Given the investment horizon of 90 days Mondee Holdings is expected to under-perform the Las Vegas. In addition to that, Mondee Holdings is 2.59 times more volatile than Las Vegas Sands. It trades about -0.06 of its total potential returns per unit of risk. Las Vegas Sands is currently generating about 0.03 per unit of volatility. If you would invest 4,532 in Las Vegas Sands on August 26, 2024 and sell it today you would earn a total of 476.00 from holding Las Vegas Sands or generate 10.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mondee Holdings vs. Las Vegas Sands
Performance |
| Timeline |
| Mondee Holdings |
| Las Vegas Sands |
Mondee Holdings and Las Vegas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mondee Holdings and Las Vegas
The main advantage of trading using opposite Mondee Holdings and Las Vegas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mondee Holdings position performs unexpectedly, Las Vegas 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 Las Vegas will offset losses from the drop in Las Vegas' long position.| Mondee Holdings vs. Yatra Online | Mondee Holdings vs. Despegar Corp | Mondee Holdings vs. Lindblad Expeditions Holdings | Mondee Holdings vs. MakeMyTrip Limited |
| Las Vegas vs. MGM Resorts International | Las Vegas vs. Caesars Entertainment | Las Vegas vs. Penn National Gaming | Las Vegas vs. Melco Resorts Entertainment |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |