Correlation Between Six Flags and OneSpaWorld Holdings
Can any of the company-specific risk be diversified away by investing in both Six Flags and OneSpaWorld Holdings 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 Six Flags and OneSpaWorld Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Six Flags Entertainment and OneSpaWorld Holdings, you can compare the effects of market volatilities on Six Flags and OneSpaWorld Holdings 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 Six Flags with a short position of OneSpaWorld Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Six Flags and OneSpaWorld Holdings.
Diversification Opportunities for Six Flags and OneSpaWorld Holdings
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Six and OneSpaWorld is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Six Flags Entertainment and OneSpaWorld Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneSpaWorld Holdings and Six Flags 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 Six Flags Entertainment are associated (or correlated) with OneSpaWorld Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneSpaWorld Holdings has no effect on the direction of Six Flags i.e., Six Flags and OneSpaWorld Holdings go up and down completely randomly.
Pair Corralation between Six Flags and OneSpaWorld Holdings
Considering the 90-day investment horizon Six Flags Entertainment is expected to under-perform the OneSpaWorld Holdings. In addition to that, Six Flags is 2.78 times more volatile than OneSpaWorld Holdings. It trades about -0.04 of its total potential returns per unit of risk. OneSpaWorld Holdings is currently generating about -0.04 per unit of volatility. If you would invest 2,239 in OneSpaWorld Holdings on July 28, 2025 and sell it today you would lose (116.00) from holding OneSpaWorld Holdings or give up 5.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Six Flags Entertainment vs. OneSpaWorld Holdings
Performance |
| Timeline |
| Six Flags Entertainment |
| OneSpaWorld Holdings |
Six Flags and OneSpaWorld Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Six Flags and OneSpaWorld Holdings
The main advantage of trading using opposite Six Flags and OneSpaWorld Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Six Flags position performs unexpectedly, OneSpaWorld Holdings 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 OneSpaWorld Holdings will offset losses from the drop in OneSpaWorld Holdings' long position.| Six Flags vs. OneSpaWorld Holdings | Six Flags vs. Callaway Golf | Six Flags vs. Capri Holdings | Six Flags vs. Dream Finders Homes |
| OneSpaWorld Holdings vs. Six Flags Entertainment | OneSpaWorld Holdings vs. Wolverine World Wide | OneSpaWorld Holdings vs. Under Armour A | OneSpaWorld Holdings vs. LCI Industries |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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