Correlation Between TOPTB and Ainsworth Game

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Can any of the company-specific risk be diversified away by investing in both TOPTB and Ainsworth Game 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 TOPTB and Ainsworth Game into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TOPTB 375 18 JUN 50 and Ainsworth Game Technology, you can compare the effects of market volatilities on TOPTB 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 TOPTB with a short position of Ainsworth Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of TOPTB and Ainsworth Game.

Diversification Opportunities for TOPTB and Ainsworth Game

-0.68
  Correlation Coefficient

Excellent diversification

The 3 months correlation between TOPTB and Ainsworth is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding TOPTB 375 18 JUN 50 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 TOPTB 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 TOPTB 375 18 JUN 50 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 TOPTB i.e., TOPTB and Ainsworth Game go up and down completely randomly.

Pair Corralation between TOPTB and Ainsworth Game

Assuming the 90 days trading horizon TOPTB 375 18 JUN 50 is expected to under-perform the Ainsworth Game. But the bond apears to be less risky and, when comparing its historical volatility, TOPTB 375 18 JUN 50 is 1.31 times less risky than Ainsworth Game. The bond trades about -0.23 of its potential returns per unit of risk. The Ainsworth Game Technology is currently generating about -0.16 of returns per unit of risk over similar time horizon. If you would invest  58.00  in Ainsworth Game Technology on September 3, 2024 and sell it today you would lose (11.00) from holding Ainsworth Game Technology or give up 18.97% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy23.44%
ValuesDaily Returns

TOPTB 375 18 JUN 50  vs.  Ainsworth Game Technology

 Performance 
       Timeline  
TOPTB 375 18 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days TOPTB 375 18 JUN 50 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for TOPTB 375 18 JUN 50 investors.
Ainsworth Game Technology 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Ainsworth Game Technology has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

TOPTB and Ainsworth Game Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with TOPTB and Ainsworth Game

The main advantage of trading using opposite TOPTB and Ainsworth Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TOPTB 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.
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The idea behind TOPTB 375 18 JUN 50 and Ainsworth Game Technology pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.

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