Correlation Between CONSOLIDATED and Ainsworth Game
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By analyzing existing cross correlation between CONSOLIDATED EDISON N and Ainsworth Game Technology, you can compare the effects of market volatilities on CONSOLIDATED and Ainsworth Game 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 CONSOLIDATED with a short position of Ainsworth Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONSOLIDATED and Ainsworth Game.
Diversification Opportunities for CONSOLIDATED and Ainsworth Game
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CONSOLIDATED and Ainsworth is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding CONSOLIDATED EDISON N and Ainsworth Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainsworth Game Technology and CONSOLIDATED 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 CONSOLIDATED EDISON N are associated (or correlated) with Ainsworth Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainsworth Game Technology has no effect on the direction of CONSOLIDATED i.e., CONSOLIDATED and Ainsworth Game go up and down completely randomly.
Pair Corralation between CONSOLIDATED and Ainsworth Game
Assuming the 90 days trading horizon CONSOLIDATED EDISON N is expected to generate 16.72 times more return on investment than Ainsworth Game. However, CONSOLIDATED is 16.72 times more volatile than Ainsworth Game Technology. It trades about 0.05 of its potential returns per unit of risk. Ainsworth Game Technology is currently generating about -0.01 per unit of risk. If you would invest 8,288 in CONSOLIDATED EDISON N on September 4, 2024 and sell it today you would lose (535.00) from holding CONSOLIDATED EDISON N or give up 6.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 78.74% |
| Values | Daily Returns |
CONSOLIDATED EDISON N vs. Ainsworth Game Technology
Performance |
| Timeline |
| CONSOLIDATED EDISON |
| Ainsworth Game Technology |
CONSOLIDATED and Ainsworth Game Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONSOLIDATED and Ainsworth Game
The main advantage of trading using opposite CONSOLIDATED and Ainsworth Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONSOLIDATED position performs unexpectedly, Ainsworth Game 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 Ainsworth Game will offset losses from the drop in Ainsworth Game's long position.| CONSOLIDATED vs. AEP TEX INC | CONSOLIDATED vs. US BANK NATIONAL | CONSOLIDATED vs. MetLife | CONSOLIDATED vs. Jackson Financial |
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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