Correlation Between Cinemark Holdings and Eros STX
Can any of the company-specific risk be diversified away by investing in both Cinemark Holdings and Eros STX 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 Eros STX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cinemark Holdings and Eros STX Global, you can compare the effects of market volatilities on Cinemark Holdings and Eros STX 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 Eros STX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinemark Holdings and Eros STX.
Diversification Opportunities for Cinemark Holdings and Eros STX
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cinemark and Eros is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cinemark Holdings and Eros STX Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eros STX Global 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 Eros STX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eros STX Global has no effect on the direction of Cinemark Holdings i.e., Cinemark Holdings and Eros STX go up and down completely randomly.
Pair Corralation between Cinemark Holdings and Eros STX
If you would invest (100.00) in Eros STX Global on January 28, 2024 and sell it today you would earn a total of 100.00 from holding Eros STX Global 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 |
Cinemark Holdings vs. Eros STX Global
Performance |
Timeline |
Cinemark Holdings |
Eros STX Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cinemark Holdings and Eros STX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cinemark Holdings and Eros STX
The main advantage of trading using opposite Cinemark Holdings and Eros STX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinemark Holdings position performs unexpectedly, Eros STX 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 Eros STX will offset losses from the drop in Eros STX's long position.Cinemark Holdings vs. National CineMedia | Cinemark Holdings vs. Impact Fusion International | Cinemark Holdings vs. Steel Connect |
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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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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