Correlation Between Marine Products and Wicket Gaming
Can any of the company-specific risk be diversified away by investing in both Marine Products and Wicket Gaming 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 Marine Products and Wicket Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marine Products and Wicket Gaming AB, you can compare the effects of market volatilities on Marine Products and Wicket Gaming 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 Marine Products with a short position of Wicket Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and Wicket Gaming.
Diversification Opportunities for Marine Products and Wicket Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marine and Wicket is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and Wicket Gaming AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wicket Gaming AB and Marine Products 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 Marine Products are associated (or correlated) with Wicket Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wicket Gaming AB has no effect on the direction of Marine Products i.e., Marine Products and Wicket Gaming go up and down completely randomly.
Pair Corralation between Marine Products and Wicket Gaming
Considering the 90-day investment horizon Marine Products is expected to generate 0.67 times more return on investment than Wicket Gaming. However, Marine Products is 1.49 times less risky than Wicket Gaming. It trades about 0.01 of its potential returns per unit of risk. Wicket Gaming AB is currently generating about -0.05 per unit of risk. If you would invest 987.00 in Marine Products on September 5, 2024 and sell it today you would lose (7.00) from holding Marine Products or give up 0.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.58% |
| Values | Daily Returns |
Marine Products vs. Wicket Gaming AB
Performance |
| Timeline |
| Marine Products |
| Wicket Gaming AB |
Marine Products and Wicket Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marine Products and Wicket Gaming
The main advantage of trading using opposite Marine Products and Wicket Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, Wicket Gaming 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 Wicket Gaming will offset losses from the drop in Wicket Gaming's long position.| Marine Products vs. Thor Industries | Marine Products vs. EZGO Technologies | Marine Products vs. Polaris Industries | Marine Products vs. LCI Industries |
| Wicket Gaming vs. Playstudios | Wicket Gaming vs. Doubledown Interactive Co | Wicket Gaming vs. Bragg Gaming Group | Wicket Gaming vs. Golden Matrix Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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