Correlation Between SINA and International Game
Can any of the company-specific risk be diversified away by investing in both SINA and International Game 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 SINA and International Game into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SINA Corporation and International Game Technology, you can compare the effects of market volatilities on SINA and International Game 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 SINA with a short position of International Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of SINA and International Game.
Diversification Opportunities for SINA and International Game
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SINA and International is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SINA Corp. and International Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Game and SINA 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 SINA Corporation are associated (or correlated) with International Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Game has no effect on the direction of SINA i.e., SINA and International Game go up and down completely randomly.
Pair Corralation between SINA and International Game
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 |
SINA Corp. vs. International Game Technology
Performance |
| Timeline |
| SINA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| International Game |
SINA and International Game Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SINA and International Game
The main advantage of trading using opposite SINA and International Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SINA position performs unexpectedly, International Game 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 International Game will offset losses from the drop in International Game's long position.| SINA vs. Mitsubishi UFJ Lease | SINA vs. Loandepot | SINA vs. U Haul Holding | SINA vs. The Hanover Insurance |
| International Game vs. Imax Corp | International Game vs. Marcus | International Game vs. AMC Networks | International Game vs. Cinemark Holdings |
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.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |