Correlation Between Esports Entertainment and Eastman Kodak
Can any of the company-specific risk be diversified away by investing in both Esports Entertainment and Eastman Kodak 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 Esports Entertainment and Eastman Kodak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Esports Entertainment Group and Eastman Kodak Co, you can compare the effects of market volatilities on Esports Entertainment and Eastman Kodak 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 Esports Entertainment with a short position of Eastman Kodak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esports Entertainment and Eastman Kodak.
Diversification Opportunities for Esports Entertainment and Eastman Kodak
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Esports and Eastman is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Esports Entertainment Group and Eastman Kodak Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak and Esports Entertainment 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 Esports Entertainment Group are associated (or correlated) with Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of Esports Entertainment i.e., Esports Entertainment and Eastman Kodak go up and down completely randomly.
Pair Corralation between Esports Entertainment and Eastman Kodak
If you would invest 457.00 in Eastman Kodak Co on January 26, 2024 and sell it today you would earn a total of 1.00 from holding Eastman Kodak Co or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Esports Entertainment Group vs. Eastman Kodak Co
Performance |
| Timeline |
| Esports Entertainment |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Eastman Kodak |
Esports Entertainment and Eastman Kodak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Esports Entertainment and Eastman Kodak
The main advantage of trading using opposite Esports Entertainment and Eastman Kodak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esports Entertainment position performs unexpectedly, Eastman Kodak 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 Eastman Kodak will offset losses from the drop in Eastman Kodak's long position.| Esports Entertainment vs. Rush Street Interactive | Esports Entertainment vs. Everi Holdings | Esports Entertainment vs. Inspired Entertainment | Esports Entertainment vs. PointsBet Holdings Limited |
| Eastman Kodak vs. SMX Public Limited | Eastman Kodak vs. System1 | Eastman Kodak vs. Lichen China Limited | Eastman Kodak vs. Team Inc |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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