Correlation Between Wicket Gaming and PACCAR
Can any of the company-specific risk be diversified away by investing in both Wicket Gaming and PACCAR 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 PACCAR 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 PACCAR Inc, you can compare the effects of market volatilities on Wicket Gaming and PACCAR 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 PACCAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wicket Gaming and PACCAR.
Diversification Opportunities for Wicket Gaming and PACCAR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wicket and PACCAR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wicket Gaming AB and PACCAR Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACCAR Inc 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 PACCAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACCAR Inc has no effect on the direction of Wicket Gaming i.e., Wicket Gaming and PACCAR go up and down completely randomly.
Pair Corralation between Wicket Gaming and PACCAR
If you would invest (100.00) in Wicket Gaming AB on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Wicket Gaming AB or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Wicket Gaming AB vs. PACCAR Inc
Performance |
| Timeline |
| Wicket Gaming AB |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| PACCAR Inc |
Wicket Gaming and PACCAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wicket Gaming and PACCAR
The main advantage of trading using opposite Wicket Gaming and PACCAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wicket Gaming position performs unexpectedly, PACCAR 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 PACCAR will offset losses from the drop in PACCAR's long position.| Wicket Gaming vs. RCI Hospitality Holdings | Wicket Gaming vs. Radcom | Wicket Gaming vs. RLJ Lodging Trust | Wicket Gaming vs. Integral Ad Science |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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