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Correlation Between Turtle Beach and Mohawk Group

Analyzing existing cross correlation between Turtle Beach Corporation and Mohawk Group Holdings. You can compare the effects of market volatilities on Turtle Beach and Mohawk Group 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 Turtle Beach with a short position of Mohawk Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turtle Beach and Mohawk Group.

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Diversification Opportunities for Turtle Beach and Mohawk Group

Turtle Beach Corp. diversification synergy
0.61
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<div class='circular--portrait-small' style='background:#FF6600;color: white;font-size:1.1em;padding-top: 12px;;'>MWK</div>

Poor diversification

The 3 months correlation between Turtle and Mohawk is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Turtle Beach Corp. and Mohawk Group Holdings in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Mohawk Group Holdings and Turtle Beach 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 Turtle Beach Corporation are associated (or correlated) with Mohawk Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mohawk Group Holdings has no effect on the direction of Turtle Beach i.e. Turtle Beach and Mohawk Group go up and down completely randomly.

Pair Corralation between Turtle Beach and Mohawk Group

Given the investment horizon of 30 days, Turtle Beach Corporation is expected to under-perform the Mohawk Group. But the stock apears to be less risky and, when comparing its historical volatility, Turtle Beach Corporation is 3.43 times less risky than Mohawk Group. The stock trades about -0.12 of its potential returns per unit of risk. The Mohawk Group Holdings is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest  518.00  in Mohawk Group Holdings on January 25, 2020 and sell it today you would lose (133.00)  from holding Mohawk Group Holdings or give up 25.68% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy86.11%
ValuesDaily Returns

Turtle Beach Corp.  vs.  Mohawk Group Holdings

 Performance (%) 
    
  Timeline 
Turtle Beach 
00

Risk-Adjusted Performance

Over the last 30 days Turtle Beach Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of weak performance in the last few months, the Stock's forward-looking signals remain relatively invariable which may send shares a bit higher in March 2020. The latest agitation may also be a sign of long running up-swing for the enterprise management.
Mohawk Group Holdings 
00

Risk-Adjusted Performance

Over the last 30 days Mohawk Group Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Regardless of fairly consistent technical and fundamental indicators, Mohawk Group is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

Turtle Beach and Mohawk Group Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..