Correlation Between Cinemark Holdings and LIONS GATE
Can any of the company-specific risk be diversified away by investing in both Cinemark Holdings and LIONS GATE 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 Cinemark Holdings and LIONS GATE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cinemark Holdings and LIONS GATE ENTERTAINMENT, you can compare the effects of market volatilities on Cinemark Holdings and LIONS GATE 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 Cinemark Holdings with a short position of LIONS GATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinemark Holdings and LIONS GATE.
Diversification Opportunities for Cinemark Holdings and LIONS GATE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cinemark and LIONS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cinemark Holdings and LIONS GATE ENTERTAINMENT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LIONS GATE ENTERTAINMENT and Cinemark Holdings 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 Cinemark Holdings are associated (or correlated) with LIONS GATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LIONS GATE ENTERTAINMENT has no effect on the direction of Cinemark Holdings i.e., Cinemark Holdings and LIONS GATE go up and down completely randomly.
Pair Corralation between Cinemark Holdings and LIONS GATE
If you would invest 842.00 in Cinemark Holdings on December 29, 2023 and sell it today you would earn a total of 965.00 from holding Cinemark Holdings or generate 114.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Cinemark Holdings vs. LIONS GATE ENTERTAINMENT
Performance |
Timeline |
Cinemark Holdings |
LIONS GATE ENTERTAINMENT |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Cinemark Holdings and LIONS GATE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cinemark Holdings and LIONS GATE
The main advantage of trading using opposite Cinemark Holdings and LIONS GATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinemark Holdings position performs unexpectedly, LIONS GATE 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 LIONS GATE will offset losses from the drop in LIONS GATE's long position.Cinemark Holdings vs. CuriosityStream | Cinemark Holdings vs. Marchex | Cinemark Holdings vs. Sea | Cinemark Holdings vs. Grupo Televisa SAB |
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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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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