Correlation Between 482620AX9 and GameStop Corp
Specify exactly 2 symbols:
By analyzing existing cross correlation between K N ENERGY and GameStop Corp, you can compare the effects of market volatilities on 482620AX9 and GameStop Corp 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 482620AX9 with a short position of GameStop Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of 482620AX9 and GameStop Corp.
Diversification Opportunities for 482620AX9 and GameStop Corp
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between 482620AX9 and GameStop is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding K N ENERGY and GameStop Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GameStop Corp and 482620AX9 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 K N ENERGY are associated (or correlated) with GameStop Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GameStop Corp has no effect on the direction of 482620AX9 i.e., 482620AX9 and GameStop Corp go up and down completely randomly.
Pair Corralation between 482620AX9 and GameStop Corp
Assuming the 90 days trading horizon 482620AX9 is expected to generate 30.33 times less return on investment than GameStop Corp. But when comparing it to its historical volatility, K N ENERGY is 3.72 times less risky than GameStop Corp. It trades about 0.01 of its potential returns per unit of risk. GameStop Corp is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,280 in GameStop Corp on September 14, 2024 and sell it today you would earn a total of 1,518 from holding GameStop Corp or generate 118.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 46.1% |
| Values | Daily Returns |
K N ENERGY vs. GameStop Corp
Performance |
| Timeline |
| K N ENERGY |
| GameStop Corp |
482620AX9 and GameStop Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 482620AX9 and GameStop Corp
The main advantage of trading using opposite 482620AX9 and GameStop Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 482620AX9 position performs unexpectedly, GameStop Corp 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 GameStop Corp will offset losses from the drop in GameStop Corp's long position.| 482620AX9 vs. GameStop Corp | 482620AX9 vs. Compania Cervecerias Unidas | 482620AX9 vs. Playtika Holding Corp | 482620AX9 vs. Corsair Gaming |
| GameStop Corp vs. Arhaus Inc | GameStop Corp vs. Floor Decor Holdings | GameStop Corp vs. Live Ventures | GameStop Corp vs. Macys Inc |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |