Pair Correlation Between Cinemark Holdings and DISH Network

This module allows you to analyze existing cross correlation between Cinemark Holdings Inc and DISH Network Corporation. You can compare the effects of market volatilities on Cinemark Holdings and DISH Network 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 DISH Network. See also your portfolio center. Please also check ongoing floating volatility patterns of Cinemark Holdings and DISH Network.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Cinemark Holdings Inc  vs   DISH Network Corp.
 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Cinemark Holdings Inc is expected to generate 1.16 times more return on investment than DISH Network. However, Cinemark Holdings is 1.16 times more volatile than DISH Network Corporation. It trades about 0.19 of its potential returns per unit of risk. DISH Network Corporation is currently generating about -0.14 per unit of risk. If you would invest  3,370  in Cinemark Holdings Inc on November 10, 2017 and sell it today you would earn a total of  234  from holding Cinemark Holdings Inc or generate 6.94% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cinemark Holdings and DISH Network
0.16

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy95.24%
ValuesDaily Returns

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cinemark Holdings Inc

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cinemark Holdings Inc are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

DISH Network

  
0 

Risk-Adjusted Performance

Over the last 30 days DISH Network Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.