Correlation Between Sony and Upsellon Brands
Can any of the company-specific risk be diversified away by investing in both Sony and Upsellon Brands 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 Sony and Upsellon Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sony Group and Upsellon Brands Holdings, you can compare the effects of market volatilities on Sony and Upsellon Brands 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 Sony with a short position of Upsellon Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sony and Upsellon Brands.
Diversification Opportunities for Sony and Upsellon Brands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sony and Upsellon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sony Group and Upsellon Brands Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upsellon Brands Holdings and Sony 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 Sony Group are associated (or correlated) with Upsellon Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upsellon Brands Holdings has no effect on the direction of Sony i.e., Sony and Upsellon Brands go up and down completely randomly.
Pair Corralation between Sony and Upsellon Brands
If you would invest 7,700 in Upsellon Brands Holdings on January 24, 2024 and sell it today you would earn a total of 3,160 from holding Upsellon Brands Holdings or generate 41.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Sony Group vs. Upsellon Brands Holdings
Performance |
| Timeline |
| Sony Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Upsellon Brands Holdings |
Sony and Upsellon Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sony and Upsellon Brands
The main advantage of trading using opposite Sony and Upsellon Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sony position performs unexpectedly, Upsellon Brands 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 Upsellon Brands will offset losses from the drop in Upsellon Brands' long position.| Sony vs. BJs Restaurants | Sony vs. Dine Brands Global | Sony vs. United Airlines Holdings | Sony vs. Ryman Hospitality Properties |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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