Correlation Between Sphere Entertainment and APPLE
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By analyzing existing cross correlation between Sphere Entertainment Co and APPLE INC, you can compare the effects of market volatilities on Sphere Entertainment and APPLE 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 Sphere Entertainment with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sphere Entertainment and APPLE.
Diversification Opportunities for Sphere Entertainment and APPLE
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sphere and APPLE is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Sphere Entertainment Co and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC and Sphere Entertainment 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 Sphere Entertainment Co are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC has no effect on the direction of Sphere Entertainment i.e., Sphere Entertainment and APPLE go up and down completely randomly.
Pair Corralation between Sphere Entertainment and APPLE
Given the investment horizon of 90 days Sphere Entertainment Co is expected to under-perform the APPLE. In addition to that, Sphere Entertainment is 1.35 times more volatile than APPLE INC. It trades about -0.2 of its total potential returns per unit of risk. APPLE INC is currently generating about -0.14 per unit of volatility. If you would invest 6,045 in APPLE INC on September 14, 2024 and sell it today you would lose (311.00) from holding APPLE INC or give up 5.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sphere Entertainment Co vs. APPLE INC
Performance |
| Timeline |
| Sphere Entertainment |
| APPLE INC |
Sphere Entertainment and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sphere Entertainment and APPLE
The main advantage of trading using opposite Sphere Entertainment and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sphere Entertainment position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Sphere Entertainment vs. Liberty Media | Sphere Entertainment vs. Atlanta Braves Holdings, | Sphere Entertainment vs. News Corp B | Sphere Entertainment vs. News Corp A |
| APPLE vs. Asure Software | APPLE vs. Acm Research | APPLE vs. WEBTOON Entertainment Common | APPLE vs. Skillful Craftsman Education |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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