Correlation Between Stagwell and 575718AG6
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By analyzing existing cross correlation between Stagwell and US575718AG63, you can compare the effects of market volatilities on Stagwell and 575718AG6 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 Stagwell with a short position of 575718AG6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stagwell and 575718AG6.
Diversification Opportunities for Stagwell and 575718AG6
Excellent diversification
The 3 months correlation between Stagwell and 575718AG6 is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Stagwell and US575718AG63 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US575718AG63 and Stagwell 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 Stagwell are associated (or correlated) with 575718AG6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US575718AG63 has no effect on the direction of Stagwell i.e., Stagwell and 575718AG6 go up and down completely randomly.
Pair Corralation between Stagwell and 575718AG6
Given the investment horizon of 90 days Stagwell is expected to generate 1.92 times more return on investment than 575718AG6. However, Stagwell is 1.92 times more volatile than US575718AG63. It trades about 0.03 of its potential returns per unit of risk. US575718AG63 is currently generating about -0.02 per unit of risk. If you would invest 703.00 in Stagwell on September 4, 2024 and sell it today you would earn a total of 107.00 from holding Stagwell or generate 15.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 51.92% |
| Values | Daily Returns |
Stagwell vs. US575718AG63
Performance |
| Timeline |
| Stagwell |
| US575718AG63 |
Stagwell and 575718AG6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stagwell and 575718AG6
The main advantage of trading using opposite Stagwell and 575718AG6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stagwell position performs unexpectedly, 575718AG6 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 575718AG6 will offset losses from the drop in 575718AG6's long position.| Stagwell vs. Innovid Corp | Stagwell vs. Interpublic Group of | Stagwell vs. Cimpress NV | Stagwell vs. Criteo Sa |
| 575718AG6 vs. Stagwell | 575718AG6 vs. CarsalesCom Ltd ADR | 575718AG6 vs. Marchex | 575718AG6 vs. enVVeno Medical Corp |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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