Correlation Between Concurrent Technologies and Six Flags
Can any of the company-specific risk be diversified away by investing in both Concurrent Technologies and Six Flags 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 Concurrent Technologies and Six Flags into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concurrent Technologies Plc and Six Flags Entertainment, you can compare the effects of market volatilities on Concurrent Technologies and Six Flags 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 Concurrent Technologies with a short position of Six Flags. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concurrent Technologies and Six Flags.
Diversification Opportunities for Concurrent Technologies and Six Flags
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Concurrent and Six is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Concurrent Technologies Plc and Six Flags Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Six Flags Entertainment and Concurrent Technologies 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 Concurrent Technologies Plc are associated (or correlated) with Six Flags. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Six Flags Entertainment has no effect on the direction of Concurrent Technologies i.e., Concurrent Technologies and Six Flags go up and down completely randomly.
Pair Corralation between Concurrent Technologies and Six Flags
Assuming the 90 days trading horizon Concurrent Technologies Plc is expected to generate 0.41 times more return on investment than Six Flags. However, Concurrent Technologies Plc is 2.44 times less risky than Six Flags. It trades about 0.26 of its potential returns per unit of risk. Six Flags Entertainment is currently generating about -0.17 per unit of risk. If you would invest 18,000 in Concurrent Technologies Plc on August 19, 2025 and sell it today you would earn a total of 6,200 from holding Concurrent Technologies Plc or generate 34.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Concurrent Technologies Plc vs. Six Flags Entertainment
Performance |
| Timeline |
| Concurrent Technologies |
| Six Flags Entertainment |
Concurrent Technologies and Six Flags Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concurrent Technologies and Six Flags
The main advantage of trading using opposite Concurrent Technologies and Six Flags positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concurrent Technologies position performs unexpectedly, Six Flags 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 Six Flags will offset losses from the drop in Six Flags' long position.| Concurrent Technologies vs. Toyota Motor Corp | Concurrent Technologies vs. SoftBank Group Corp | Concurrent Technologies vs. Nintendo Co | Concurrent Technologies vs. Fannie Mae |
| Six Flags vs. OneSpaWorld Holdings | Six Flags vs. United Parks Resorts | Six Flags vs. Driven Brands Holdings | Six Flags vs. Sharplink Gaming |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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