Two Equities Correlation Analysis
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CIDM
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Cinedigm Corp and NYSE Composite
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cinedigm and NYSE is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Cinedigm Corp and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Cinedigm Corp 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 Cinedigm Corp are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Cinedigm Corp i.e., Cinedigm Corp and NYSE Composite go up and down completely randomly.
Pair Corralation between Cinedigm Corp and NYSE Composite
Given the investment horizon of 90 days Cinedigm Corp is expected to under-perform the NYSE Composite. In addition to that, Cinedigm Corp is 5.05 times more volatile than NYSE Composite. It trades about -0.21 of its total potential returns per unit of risk. NYSE Composite is currently generating about 0.07 per unit of volatility. If you would invest 1,542,897 in NYSE Composite on January 24, 2024 and sell it today you would earn a total of 217,322 from holding NYSE Composite or generate 14.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 20.76% |
| Values | Daily Returns |
Cinedigm Corp vs. NYSE Composite
Performance |
| Timeline |
Cinedigm Corp and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Cinedigm Corp
Pair trading matchups for Cinedigm Corp
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Cinedigm Corp and NYSE Composite
The main advantage of trading using opposite Cinedigm Corp and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinedigm Corp position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Cinedigm Corp vs. Cineverse Corp | Cinedigm Corp vs. AMC Entertainment Holdings | Cinedigm Corp vs. Manchester United | Cinedigm Corp vs. iQIYI Inc |
| NYSE Composite vs. Reservoir Media | NYSE Composite vs. National CineMedia | NYSE Composite vs. Ubisoft Entertainment | NYSE Composite vs. Emerson Radio |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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