Correlation Between Wynn Resorts and Genting Singapore
Can any of the company-specific risk be diversified away by investing in both Wynn Resorts and Genting Singapore 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 Wynn Resorts and Genting Singapore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wynn Resorts Limited and Genting Singapore Limited, you can compare the effects of market volatilities on Wynn Resorts and Genting Singapore 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 Wynn Resorts with a short position of Genting Singapore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wynn Resorts and Genting Singapore.
Diversification Opportunities for Wynn Resorts and Genting Singapore
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Wynn and Genting is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Wynn Resorts Limited and Genting Singapore Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genting Singapore and Wynn Resorts 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 Wynn Resorts Limited are associated (or correlated) with Genting Singapore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genting Singapore has no effect on the direction of Wynn Resorts i.e., Wynn Resorts and Genting Singapore go up and down completely randomly.
Pair Corralation between Wynn Resorts and Genting Singapore
If you would invest 8,625 in Wynn Resorts Limited on September 12, 2024 and sell it today you would earn a total of 896.00 from holding Wynn Resorts Limited or generate 10.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Wynn Resorts Limited vs. Genting Singapore Limited
Performance |
| Timeline |
| Wynn Resorts Limited |
| Genting Singapore |
Wynn Resorts and Genting Singapore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wynn Resorts and Genting Singapore
The main advantage of trading using opposite Wynn Resorts and Genting Singapore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wynn Resorts position performs unexpectedly, Genting Singapore 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 Genting Singapore will offset losses from the drop in Genting Singapore's long position.| Wynn Resorts vs. MGM Resorts International | Wynn Resorts vs. Las Vegas Sands | Wynn Resorts vs. Melco Resorts Entertainment | Wynn Resorts vs. Caesars Entertainment |
| Genting Singapore vs. Caesars Entertainment | Genting Singapore vs. MGM Resorts International | Genting Singapore vs. Red Rock Resorts | Genting Singapore vs. Las Vegas Sands |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |