Correlation Between NiSource and Contagious Gaming
Can any of the company-specific risk be diversified away by investing in both NiSource and Contagious 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 NiSource and Contagious Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NiSource and Contagious Gaming, you can compare the effects of market volatilities on NiSource and Contagious 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 NiSource with a short position of Contagious Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of NiSource and Contagious Gaming.
Diversification Opportunities for NiSource and Contagious Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NiSource and Contagious is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NiSource and Contagious Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contagious Gaming and NiSource 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 NiSource are associated (or correlated) with Contagious Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contagious Gaming has no effect on the direction of NiSource i.e., NiSource and Contagious Gaming go up and down completely randomly.
Pair Corralation between NiSource and Contagious Gaming
If you would invest 3,034 in NiSource on November 3, 2024 and sell it today you would earn a total of 696.00 from holding NiSource or generate 22.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.66% |
| Values | Daily Returns |
NiSource vs. Contagious Gaming
Performance |
| Timeline |
| NiSource |
| Contagious Gaming |
NiSource and Contagious Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NiSource and Contagious Gaming
The main advantage of trading using opposite NiSource and Contagious Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NiSource position performs unexpectedly, Contagious 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 Contagious Gaming will offset losses from the drop in Contagious Gaming's long position.| NiSource vs. NewJersey Resources | NiSource vs. Northwest Natural Gas | NiSource vs. UGI Corporation | NiSource vs. Spire Inc |
| Contagious Gaming vs. National CineMedia | Contagious Gaming vs. Xunlei Ltd Adr | Contagious Gaming vs. Stagwell | Contagious Gaming vs. BOS Better Online |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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