Correlation Between Wicket Gaming and FormFactor

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

Diversification Opportunities for Wicket Gaming and FormFactor

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Wicket and FormFactor is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wicket Gaming AB and FormFactor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FormFactor and Wicket Gaming 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 Wicket Gaming AB are associated (or correlated) with FormFactor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FormFactor has no effect on the direction of Wicket Gaming i.e., Wicket Gaming and FormFactor go up and down completely randomly.

Pair Corralation between Wicket Gaming and FormFactor

If you would invest  10.00  in Wicket Gaming AB on August 24, 2024 and sell it today you would earn a total of  0.00  from holding Wicket Gaming AB or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy81.82%
ValuesDaily Returns

Wicket Gaming AB  vs.  FormFactor

 Performance 
       Timeline  
Wicket Gaming AB 

Risk-Adjusted Performance

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Over the last 90 days Wicket Gaming AB has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Wicket Gaming is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.
FormFactor 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days FormFactor has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in December 2024. The recent disarray may also be a sign of long period up-swing for the firm investors.

Wicket Gaming and FormFactor Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Wicket Gaming and FormFactor

The main advantage of trading using opposite Wicket Gaming and FormFactor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wicket Gaming position performs unexpectedly, FormFactor 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 FormFactor will offset losses from the drop in FormFactor's long position.
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The idea behind Wicket Gaming AB and FormFactor 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.

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