Correlation Between Hasbro and SINA

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Hasbro and SINA 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 SINA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hasbro Inc and SINA Corporation, you can compare the effects of market volatilities on Hasbro and SINA 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 SINA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hasbro and SINA.

Diversification Opportunities for Hasbro and SINA

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Hasbro and SINA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hasbro Inc and SINA Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SINA 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 SINA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SINA has no effect on the direction of Hasbro i.e., Hasbro and SINA go up and down completely randomly.

Pair Corralation between Hasbro and SINA

If you would invest  5,461  in Hasbro Inc on January 26, 2024 and sell it today you would earn a total of  1,036  from holding Hasbro Inc or generate 18.97% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Hasbro Inc  vs.  SINA Corp.

 Performance 
       Timeline  
Hasbro Inc 

Risk-Adjusted Performance

15 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Hasbro Inc are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, Hasbro unveiled solid returns over the last few months and may actually be approaching a breakup point.
SINA 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days SINA Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, SINA is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Hasbro and SINA Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Hasbro and SINA

The main advantage of trading using opposite Hasbro and SINA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hasbro position performs unexpectedly, SINA 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 SINA will offset losses from the drop in SINA's long position.
The idea behind Hasbro Inc and SINA Corporation pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.

Other Complementary Tools

Money Flow Index
Determine momentum by analyzing Money Flow Index and other technical indicators
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Latest Portfolios
Quick portfolio dashboard that showcases your latest portfolios
Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Sign In To Macroaxis
Sign in to explore Macroaxis' wealth optimization platform and fintech modules