Correlation Between Comscore and Genius Sports
Can any of the company-specific risk be diversified away by investing in both Comscore and Genius Sports 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 Genius Sports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comscore and Genius Sports, you can compare the effects of market volatilities on Comscore and Genius Sports 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 Genius Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comscore and Genius Sports.
Diversification Opportunities for Comscore and Genius Sports
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Comscore and Genius is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Comscore and Genius Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genius Sports 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 Genius Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genius Sports has no effect on the direction of Comscore i.e., Comscore and Genius Sports go up and down completely randomly.
Pair Corralation between Comscore and Genius Sports
Given the investment horizon of 90 days Comscore is expected to under-perform the Genius Sports. In addition to that, Comscore is 1.44 times more volatile than Genius Sports. It trades about -0.02 of its total potential returns per unit of risk. Genius Sports is currently generating about 0.06 per unit of volatility. If you would invest 484.00 in Genius Sports on November 19, 2024 and sell it today you would earn a total of 499.00 from holding Genius Sports or generate 103.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comscore vs. Genius Sports
Performance |
| Timeline |
| Comscore |
| Genius Sports |
Comscore and Genius Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comscore and Genius Sports
The main advantage of trading using opposite Comscore and Genius Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comscore position performs unexpectedly, Genius Sports 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 Genius Sports will offset losses from the drop in Genius Sports' long position.| Comscore vs. Cheetah Mobile | Comscore vs. EverQuote Class A | Comscore vs. TechTarget, Common Stock | Comscore vs. Sabio Holdings |
| Genius Sports vs. MediaAlpha | Genius Sports vs. Comscore | Genius Sports vs. Cheetah Mobile | Genius Sports vs. Onfolio Holdings |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |