Correlation Between EAST SIDE and Games Workshop
Can any of the company-specific risk be diversified away by investing in both EAST SIDE and Games Workshop 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 EAST SIDE and Games Workshop into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EAST SIDE GAMES and Games Workshop Group, you can compare the effects of market volatilities on EAST SIDE and Games Workshop 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 EAST SIDE with a short position of Games Workshop. Check out your portfolio center. Please also check ongoing floating volatility patterns of EAST SIDE and Games Workshop.
Diversification Opportunities for EAST SIDE and Games Workshop
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EAST and Games is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding EAST SIDE GAMES and Games Workshop Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Games Workshop Group and EAST SIDE 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 EAST SIDE GAMES are associated (or correlated) with Games Workshop. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Games Workshop Group has no effect on the direction of EAST SIDE i.e., EAST SIDE and Games Workshop go up and down completely randomly.
Pair Corralation between EAST SIDE and Games Workshop
Assuming the 90 days horizon EAST SIDE GAMES is expected to generate 5.08 times more return on investment than Games Workshop. However, EAST SIDE is 5.08 times more volatile than Games Workshop Group. It trades about 0.0 of its potential returns per unit of risk. Games Workshop Group is currently generating about -0.16 per unit of risk. If you would invest 31.00 in EAST SIDE GAMES on December 5, 2024 and sell it today you would lose (1.00) from holding EAST SIDE GAMES or give up 3.23% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
EAST SIDE GAMES vs. Games Workshop Group
Performance |
Timeline |
EAST SIDE GAMES |
Games Workshop Group |
EAST SIDE and Games Workshop Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with EAST SIDE and Games Workshop
The main advantage of trading using opposite EAST SIDE and Games Workshop positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EAST SIDE position performs unexpectedly, Games Workshop 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 Games Workshop will offset losses from the drop in Games Workshop's long position.EAST SIDE vs. Jacquet Metal Service | EAST SIDE vs. HK Electric Investments | EAST SIDE vs. REGAL ASIAN INVESTMENTS | EAST SIDE vs. Scottish Mortgage Investment |
Games Workshop vs. DaChan Food Limited | Games Workshop vs. GameStop Corp | Games Workshop vs. Media and Games | Games Workshop vs. GAMING FAC SA |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Bonds Directory Find actively traded corporate debentures issued by US companies |