Correlation Between International Game and SINA
Can any of the company-specific risk be diversified away by investing in both International Game 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 International Game and SINA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between International Game Technology and SINA Corporation, you can compare the effects of market volatilities on International Game 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 International Game with a short position of SINA. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Game and SINA.
Diversification Opportunities for International Game and SINA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between International and SINA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding International Game Technology and SINA Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SINA and International Game 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 International Game Technology 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 International Game i.e., International Game and SINA go up and down completely randomly.
Pair Corralation between International Game and SINA
If you would invest (100.00) in SINA Corporation on January 26, 2024 and sell it today you would earn a total of 100.00 from holding SINA Corporation 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 |
International Game Technology vs. SINA Corp.
Performance |
| Timeline |
| International Game |
| SINA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
International Game and SINA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with International Game and SINA
The main advantage of trading using opposite International Game and SINA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Game 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.| International Game vs. PlayAGS | International Game vs. Inspired Entertainment | International Game vs. Light Wonder |
| SINA vs. JBG SMITH Properties | SINA vs. Reynolds Consumer Products | SINA vs. National Beverage Corp | SINA vs. Constellation Brands Class |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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