Correlation Between Hasbro and SINA
Can any of the company-specific risk be diversified away by investing in both Hasbro 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 Hasbro and SINA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hasbro Inc and SINA Corporation, you can compare the effects of market volatilities on Hasbro 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 Hasbro with a short position of SINA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hasbro and SINA.
Diversification Opportunities for Hasbro and SINA
Pay attention - limited upside
The 3 months correlation between Hasbro and SINA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hasbro Inc and SINA Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SINA and Hasbro 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 Hasbro Inc 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 Hasbro i.e., Hasbro and SINA go up and down completely randomly.
Pair Corralation between Hasbro and SINA
If you would invest 4,867 in Hasbro Inc on January 25, 2024 and sell it today you would earn a total of 1,629 from holding Hasbro Inc or generate 33.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Hasbro Inc vs. SINA Corp.
Performance |
| Timeline |
| Hasbro Inc |
| SINA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hasbro and SINA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hasbro and SINA
The main advantage of trading using opposite Hasbro and SINA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hasbro 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.| Hasbro vs. First Business Financial | Hasbro vs. Flexsteel Industries | Hasbro vs. Superior Uniform Group | Hasbro vs. Eastern Co |
| 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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