Correlation Between CORNING and Accel Entertainment
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By analyzing existing cross correlation between CORNING INC 585 and Accel Entertainment, you can compare the effects of market volatilities on CORNING and Accel Entertainment 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 CORNING with a short position of Accel Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of CORNING and Accel Entertainment.
Diversification Opportunities for CORNING and Accel Entertainment
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CORNING and Accel is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding CORNING INC 585 and Accel Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accel Entertainment and CORNING 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 CORNING INC 585 are associated (or correlated) with Accel Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accel Entertainment has no effect on the direction of CORNING i.e., CORNING and Accel Entertainment go up and down completely randomly.
Pair Corralation between CORNING and Accel Entertainment
Assuming the 90 days trading horizon CORNING is expected to generate 7.51 times less return on investment than Accel Entertainment. In addition to that, CORNING is 1.24 times more volatile than Accel Entertainment. It trades about 0.02 of its total potential returns per unit of risk. Accel Entertainment is currently generating about 0.2 per unit of volatility. If you would invest 1,103 in Accel Entertainment on September 4, 2024 and sell it today you would earn a total of 71.00 from holding Accel Entertainment or generate 6.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
CORNING INC 585 vs. Accel Entertainment
Performance |
| Timeline |
| CORNING INC 585 |
| Accel Entertainment |
CORNING and Accel Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CORNING and Accel Entertainment
The main advantage of trading using opposite CORNING and Accel Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CORNING position performs unexpectedly, Accel Entertainment 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 Accel Entertainment will offset losses from the drop in Accel Entertainment's long position.| CORNING vs. Accel Entertainment | CORNING vs. NetSol Technologies | CORNING vs. Data3 Limited | CORNING vs. Infosys Ltd ADR |
| Accel Entertainment vs. Hyatt Hotels | Accel Entertainment vs. Smart Share Global | Accel Entertainment vs. Sweetgreen | Accel Entertainment vs. Wyndham Hotels Resorts |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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