Correlation Between Maple Peak and Champion Gaming
Can any of the company-specific risk be diversified away by investing in both Maple Peak and Champion Gaming 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 Maple Peak and Champion Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maple Peak Investments and Champion Gaming Group, you can compare the effects of market volatilities on Maple Peak and Champion Gaming 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 Maple Peak with a short position of Champion Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maple Peak and Champion Gaming.
Diversification Opportunities for Maple Peak and Champion Gaming
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Maple and Champion is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding Maple Peak Investments and Champion Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Champion Gaming Group and Maple Peak 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 Maple Peak Investments are associated (or correlated) with Champion Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Champion Gaming Group has no effect on the direction of Maple Peak i.e., Maple Peak and Champion Gaming go up and down completely randomly.
Pair Corralation between Maple Peak and Champion Gaming
If you would invest 1.00 in Champion Gaming Group on September 16, 2024 and sell it today you would earn a total of 0.00 from holding Champion Gaming Group or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Maple Peak Investments vs. Champion Gaming Group
Performance |
Timeline |
Maple Peak Investments |
Champion Gaming Group |
Maple Peak and Champion Gaming Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Maple Peak and Champion Gaming
The main advantage of trading using opposite Maple Peak and Champion Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maple Peak position performs unexpectedly, Champion Gaming 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 Champion Gaming will offset losses from the drop in Champion Gaming's long position.Maple Peak vs. Intact Financial Corp | Maple Peak vs. Canso Credit Trust | Maple Peak vs. Altair Resources | Maple Peak vs. Sangoma Technologies Corp |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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