Correlation Between Starbox Group and Phoenix New
Can any of the company-specific risk be diversified away by investing in both Starbox Group and Phoenix New 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 Starbox Group and Phoenix New into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Starbox Group Holdings and Phoenix New Media, you can compare the effects of market volatilities on Starbox Group and Phoenix New 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 Starbox Group with a short position of Phoenix New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Starbox Group and Phoenix New.
Diversification Opportunities for Starbox Group and Phoenix New
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Starbox and Phoenix is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Starbox Group Holdings and Phoenix New Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phoenix New Media and Starbox Group 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 Starbox Group Holdings are associated (or correlated) with Phoenix New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phoenix New Media has no effect on the direction of Starbox Group i.e., Starbox Group and Phoenix New go up and down completely randomly.
Pair Corralation between Starbox Group and Phoenix New
Given the investment horizon of 90 days Starbox Group Holdings is expected to under-perform the Phoenix New. In addition to that, Starbox Group is 3.03 times more volatile than Phoenix New Media. It trades about -0.12 of its total potential returns per unit of risk. Phoenix New Media is currently generating about -0.1 per unit of volatility. If you would invest 285.00 in Phoenix New Media on August 26, 2024 and sell it today you would lose (33.00) from holding Phoenix New Media or give up 11.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Starbox Group Holdings vs. Phoenix New Media
Performance |
| Timeline |
| Starbox Group Holdings |
| Phoenix New Media |
Starbox Group and Phoenix New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Starbox Group and Phoenix New
The main advantage of trading using opposite Starbox Group and Phoenix New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Starbox Group position performs unexpectedly, Phoenix New 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 Phoenix New will offset losses from the drop in Phoenix New's long position.| Starbox Group vs. Trivago NV | Starbox Group vs. Cheetah Mobile | Starbox Group vs. Comscore | Starbox Group vs. Arena Group Holdings |
| Phoenix New vs. Onfolio Holdings | Phoenix New vs. Starbox Group Holdings | Phoenix New vs. MediaAlpha | Phoenix New vs. Metalpha Technology Holding |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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