Correlation Between Wicket Gaming and Genfit
Can any of the company-specific risk be diversified away by investing in both Wicket Gaming and Genfit 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 Genfit 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 Genfit, you can compare the effects of market volatilities on Wicket Gaming and Genfit 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 Genfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wicket Gaming and Genfit.
Diversification Opportunities for Wicket Gaming and Genfit
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wicket and Genfit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wicket Gaming AB and Genfit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit 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 Genfit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genfit has no effect on the direction of Wicket Gaming i.e., Wicket Gaming and Genfit go up and down completely randomly.
Pair Corralation between Wicket Gaming and Genfit
Assuming the 90 days horizon Wicket Gaming AB is expected to under-perform the Genfit. In addition to that, Wicket Gaming is 1.08 times more volatile than Genfit. It trades about -0.06 of its total potential returns per unit of risk. Genfit is currently generating about 0.02 per unit of volatility. If you would invest 430.00 in Genfit on August 31, 2024 and sell it today you would lose (3.00) from holding Genfit or give up 0.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.72% |
| Values | Daily Returns |
Wicket Gaming AB vs. Genfit
Performance |
| Timeline |
| Wicket Gaming AB |
| Genfit |
Wicket Gaming and Genfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wicket Gaming and Genfit
The main advantage of trading using opposite Wicket Gaming and Genfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wicket Gaming position performs unexpectedly, Genfit 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 Genfit will offset losses from the drop in Genfit's long position.| Wicket Gaming vs. Capcom Co Ltd | Wicket Gaming vs. CD Projekt SA | Wicket Gaming vs. Sega Sammy Holdings | Wicket Gaming vs. Playtika Holding Corp |
| Genfit vs. Eliem Therapeutics | Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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