Correlation Between Stingray and Stingray
Can any of the company-specific risk be diversified away by investing in both Stingray and Stingray 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 Stingray and Stingray into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stingray Group and Stingray Group, you can compare the effects of market volatilities on Stingray and Stingray 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 Stingray with a short position of Stingray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stingray and Stingray.
Diversification Opportunities for Stingray and Stingray
Poor diversification
The 3 months correlation between Stingray and Stingray is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Stingray Group and Stingray Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stingray Group and Stingray 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 Stingray Group are associated (or correlated) with Stingray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stingray Group has no effect on the direction of Stingray i.e., Stingray and Stingray go up and down completely randomly.
Pair Corralation between Stingray and Stingray
Assuming the 90 days trading horizon Stingray Group is expected to generate 1.26 times more return on investment than Stingray. However, Stingray is 1.26 times more volatile than Stingray Group. It trades about 0.33 of its potential returns per unit of risk. Stingray Group is currently generating about 0.21 per unit of risk. If you would invest 750.00 in Stingray Group on November 28, 2024 and sell it today you would earn a total of 175.00 from holding Stingray Group or generate 23.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Stingray Group vs. Stingray Group
Performance |
| Timeline |
| Stingray Group |
| Stingray Group |
Stingray and Stingray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stingray and Stingray
The main advantage of trading using opposite Stingray and Stingray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stingray position performs unexpectedly, Stingray 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 Stingray will offset losses from the drop in Stingray's long position.| Stingray vs. Stingray Group | Stingray vs. TVA Group | Stingray vs. Quebecor | Stingray vs. Alithya Group inc |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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