Correlation Between Comscore and Cheetah Mobile
Can any of the company-specific risk be diversified away by investing in both Comscore and Cheetah Mobile 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 Comscore and Cheetah Mobile into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comscore and Cheetah Mobile, you can compare the effects of market volatilities on Comscore and Cheetah Mobile 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 Comscore with a short position of Cheetah Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comscore and Cheetah Mobile.
Diversification Opportunities for Comscore and Cheetah Mobile
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Comscore and Cheetah is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Comscore and Cheetah Mobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cheetah Mobile and Comscore 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 Comscore are associated (or correlated) with Cheetah Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cheetah Mobile has no effect on the direction of Comscore i.e., Comscore and Cheetah Mobile go up and down completely randomly.
Pair Corralation between Comscore and Cheetah Mobile
Given the investment horizon of 90 days Comscore is expected to generate 1.46 times more return on investment than Cheetah Mobile. However, Comscore is 1.46 times more volatile than Cheetah Mobile. It trades about 0.1 of its potential returns per unit of risk. Cheetah Mobile is currently generating about 0.0 per unit of risk. If you would invest 671.00 in Comscore on November 3, 2024 and sell it today you would earn a total of 78.00 from holding Comscore or generate 11.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comscore vs. Cheetah Mobile
Performance |
| Timeline |
| Comscore |
| Cheetah Mobile |
Comscore and Cheetah Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comscore and Cheetah Mobile
The main advantage of trading using opposite Comscore and Cheetah Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comscore position performs unexpectedly, Cheetah Mobile 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 Cheetah Mobile will offset losses from the drop in Cheetah Mobile's long position.| Comscore vs. Cheetah Mobile | Comscore vs. EverQuote Class A | Comscore vs. TechTarget, Common Stock | Comscore vs. Sabio Holdings |
| Cheetah Mobile vs. Tuniu Corp | Cheetah Mobile vs. Yirendai | Cheetah Mobile vs. Xunlei Ltd Adr | Cheetah Mobile vs. Phoenix New Media |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |