Correlation Between Nasdaq and Wicket Gaming
Can any of the company-specific risk be diversified away by investing in both Nasdaq 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 Nasdaq and Wicket Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nasdaq Inc and Wicket Gaming AB, you can compare the effects of market volatilities on Nasdaq 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 Nasdaq with a short position of Wicket Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nasdaq and Wicket Gaming.
Diversification Opportunities for Nasdaq and Wicket Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nasdaq and Wicket is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq Inc 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 Nasdaq 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 Nasdaq Inc 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 Nasdaq i.e., Nasdaq and Wicket Gaming go up and down completely randomly.
Pair Corralation between Nasdaq and Wicket Gaming
If you would invest (100.00) in Wicket Gaming AB on November 27, 2024 and sell it today you would earn a total of 100.00 from holding Wicket Gaming AB 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 |
Nasdaq Inc vs. Wicket Gaming AB
Performance |
| Timeline |
| Nasdaq Inc |
| Wicket Gaming AB |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Nasdaq and Wicket Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nasdaq and Wicket Gaming
The main advantage of trading using opposite Nasdaq and Wicket Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nasdaq 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.The idea behind Nasdaq Inc and Wicket Gaming AB pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Wicket Gaming vs. AKITA Drilling | Wicket Gaming vs. Pembina Pipeline | Wicket Gaming vs. Helmerich and Payne | Wicket Gaming vs. Radcom |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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