Correlation Between Gray Television and Audacy
Can any of the company-specific risk be diversified away by investing in both Gray Television and Audacy 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 Gray Television and Audacy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gray Television and Audacy Inc, you can compare the effects of market volatilities on Gray Television and Audacy 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 Gray Television with a short position of Audacy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gray Television and Audacy.
Diversification Opportunities for Gray Television and Audacy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gray and Audacy is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gray Television and Audacy Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Audacy Inc and Gray Television 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 Gray Television are associated (or correlated) with Audacy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Audacy Inc has no effect on the direction of Gray Television i.e., Gray Television and Audacy go up and down completely randomly.
Pair Corralation between Gray Television and Audacy
If you would invest 335.00 in Gray Television on December 2, 2024 and sell it today you would earn a total of 41.00 from holding Gray Television or generate 12.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Gray Television vs. Audacy Inc
Performance |
Timeline |
Gray Television |
Audacy Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Gray Television and Audacy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Gray Television and Audacy
The main advantage of trading using opposite Gray Television and Audacy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gray Television position performs unexpectedly, Audacy 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 Audacy will offset losses from the drop in Audacy's long position.Gray Television vs. E W Scripps | Gray Television vs. Saga Communications | Gray Television vs. iHeartMedia Class A | Gray Television vs. Cumulus Media Class |
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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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