Correlation Between Hasbro and Kongzhong Corp
Can any of the company-specific risk be diversified away by investing in both Hasbro and Kongzhong Corp 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 Hasbro and Kongzhong Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hasbro Inc and Kongzhong Corp, you can compare the effects of market volatilities on Hasbro and Kongzhong Corp 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 Hasbro with a short position of Kongzhong Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hasbro and Kongzhong Corp.
Diversification Opportunities for Hasbro and Kongzhong Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hasbro and Kongzhong is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hasbro Inc and Kongzhong Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kongzhong Corp and Hasbro 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 Hasbro Inc are associated (or correlated) with Kongzhong Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kongzhong Corp has no effect on the direction of Hasbro i.e., Hasbro and Kongzhong Corp go up and down completely randomly.
Pair Corralation between Hasbro and Kongzhong Corp
If you would invest (100.00) in Kongzhong Corp on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Kongzhong Corp or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Hasbro Inc vs. Kongzhong Corp
Performance |
| Timeline |
| Hasbro Inc |
| Kongzhong Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hasbro and Kongzhong Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hasbro and Kongzhong Corp
The main advantage of trading using opposite Hasbro and Kongzhong Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hasbro position performs unexpectedly, Kongzhong Corp 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 Kongzhong Corp will offset losses from the drop in Kongzhong Corp's long position.| Hasbro vs. First Business Financial | Hasbro vs. Flexsteel Industries | Hasbro vs. Superior Uniform Group | Hasbro vs. Eastern Co |
| Kongzhong Corp vs. Burlington Stores | Kongzhong Corp vs. Canada Goose Holdings | Kongzhong Corp vs. Bel Fuse A | Kongzhong Corp vs. American Eagle Outfitters |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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