Correlation Between Victory Square and Fantasy 360
Can any of the company-specific risk be diversified away by investing in both Victory Square and Fantasy 360 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 Victory Square and Fantasy 360 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Victory Square Technologies and Fantasy 360 Technologies, you can compare the effects of market volatilities on Victory Square and Fantasy 360 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 Victory Square with a short position of Fantasy 360. Check out your portfolio center. Please also check ongoing floating volatility patterns of Victory Square and Fantasy 360.
Diversification Opportunities for Victory Square and Fantasy 360
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Victory and Fantasy is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Victory Square Technologies and Fantasy 360 Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fantasy 360 Technologies and Victory Square 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 Victory Square Technologies are associated (or correlated) with Fantasy 360. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fantasy 360 Technologies has no effect on the direction of Victory Square i.e., Victory Square and Fantasy 360 go up and down completely randomly.
Pair Corralation between Victory Square and Fantasy 360
Assuming the 90 days horizon Victory Square Technologies is expected to generate 1.5 times more return on investment than Fantasy 360. However, Victory Square is 1.5 times more volatile than Fantasy 360 Technologies. It trades about 0.25 of its potential returns per unit of risk. Fantasy 360 Technologies is currently generating about 0.22 per unit of risk. If you would invest 7.53 in Victory Square Technologies on September 13, 2024 and sell it today you would earn a total of 3.47 from holding Victory Square Technologies or generate 46.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Victory Square Technologies vs. Fantasy 360 Technologies
Performance |
| Timeline |
| Victory Square Techn |
| Fantasy 360 Technologies |
Victory Square and Fantasy 360 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Victory Square and Fantasy 360
The main advantage of trading using opposite Victory Square and Fantasy 360 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Victory Square position performs unexpectedly, Fantasy 360 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 Fantasy 360 will offset losses from the drop in Fantasy 360's long position.| Victory Square vs. GameSquare Holdings | Victory Square vs. Nexon Co Ltd | Victory Square vs. i3 Interactive | Victory Square vs. IGG Inc |
| Fantasy 360 vs. GameOn Entertainment Technologies | Fantasy 360 vs. Victory Square Technologies | Fantasy 360 vs. Mobilum Technologies | Fantasy 360 vs. Windfall Geotek |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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