Correlation Between National CineMedia and Cyren
Can any of the company-specific risk be diversified away by investing in both National CineMedia and Cyren 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 National CineMedia and Cyren into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National CineMedia and Cyren, you can compare the effects of market volatilities on National CineMedia and Cyren 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 National CineMedia with a short position of Cyren. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and Cyren.
Diversification Opportunities for National CineMedia and Cyren
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and Cyren is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and Cyren in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cyren and National CineMedia 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 National CineMedia are associated (or correlated) with Cyren. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cyren has no effect on the direction of National CineMedia i.e., National CineMedia and Cyren go up and down completely randomly.
Pair Corralation between National CineMedia and Cyren
If you would invest (100.00) in Cyren on November 4, 2024 and sell it today you would earn a total of 100.00 from holding Cyren or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
National CineMedia vs. Cyren
Performance |
| Timeline |
| National CineMedia |
| Cyren |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
National CineMedia and Cyren Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and Cyren
The main advantage of trading using opposite National CineMedia and Cyren positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, Cyren 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 Cyren will offset losses from the drop in Cyren's long position.| National CineMedia vs. MGO Global Common | National CineMedia vs. Baosheng Media Group | National CineMedia vs. Glory Star New | National CineMedia vs. Impact Fusion International |
| Cyren vs. Canlan Ice Sports | Cyren vs. Axalta Coating Systems | Cyren vs. Academy Sports Outdoors | Cyren vs. Avient Corp |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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