Correlation Between NYSE Composite and SugarHouse
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By analyzing existing cross correlation between NYSE Composite and SugarHouse HSP Gaming, you can compare the effects of market volatilities on NYSE Composite and SugarHouse 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 NYSE Composite with a short position of SugarHouse. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and SugarHouse.
Diversification Opportunities for NYSE Composite and SugarHouse
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between NYSE and SugarHouse is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and SugarHouse HSP Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SugarHouse HSP Gaming and NYSE Composite 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 NYSE Composite are associated (or correlated) with SugarHouse. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SugarHouse HSP Gaming has no effect on the direction of NYSE Composite i.e., NYSE Composite and SugarHouse go up and down completely randomly.
Pair Corralation between NYSE Composite and SugarHouse
Assuming the 90 days trading horizon NYSE Composite is expected to generate 2.07 times less return on investment than SugarHouse. But when comparing it to its historical volatility, NYSE Composite is 2.57 times less risky than SugarHouse. It trades about 0.36 of its potential returns per unit of risk. SugarHouse HSP Gaming is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 9,515 in SugarHouse HSP Gaming on September 5, 2024 and sell it today you would earn a total of 476.00 from holding SugarHouse HSP Gaming or generate 5.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
NYSE Composite vs. SugarHouse HSP Gaming
Performance |
| Timeline |
NYSE Composite and SugarHouse Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
SugarHouse HSP Gaming
Pair trading matchups for SugarHouse
Pair Trading with NYSE Composite and SugarHouse
The main advantage of trading using opposite NYSE Composite and SugarHouse positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, SugarHouse 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 SugarHouse will offset losses from the drop in SugarHouse's long position.| NYSE Composite vs. Air Products and | NYSE Composite vs. Playtika Holding Corp | NYSE Composite vs. PepsiCo | NYSE Composite vs. NETGEAR |
| SugarHouse vs. MACOM Technology Solutions | SugarHouse vs. Tscan Therapeutics | SugarHouse vs. Inhibrx | SugarHouse vs. Vishay Intertechnology |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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