Correlation Between Global Mofy and ASGN
Can any of the company-specific risk be diversified away by investing in both Global Mofy and ASGN 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 Global Mofy and ASGN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global Mofy Metaverse and ASGN Inc, you can compare the effects of market volatilities on Global Mofy and ASGN 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 Global Mofy with a short position of ASGN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Mofy and ASGN.
Diversification Opportunities for Global Mofy and ASGN
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Global and ASGN is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Global Mofy Metaverse and ASGN Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASGN Inc and Global Mofy 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 Global Mofy Metaverse are associated (or correlated) with ASGN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASGN Inc has no effect on the direction of Global Mofy i.e., Global Mofy and ASGN go up and down completely randomly.
Pair Corralation between Global Mofy and ASGN
Considering the 90-day investment horizon Global Mofy Metaverse is expected to under-perform the ASGN. In addition to that, Global Mofy is 1.21 times more volatile than ASGN Inc. It trades about -0.12 of its total potential returns per unit of risk. ASGN Inc is currently generating about -0.01 per unit of volatility. If you would invest 5,427 in ASGN Inc on June 7, 2025 and sell it today you would lose (182.00) from holding ASGN Inc or give up 3.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Global Mofy Metaverse vs. ASGN Inc
Performance |
| Timeline |
| Global Mofy Metaverse |
| ASGN Inc |
Global Mofy and ASGN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Mofy and ASGN
The main advantage of trading using opposite Global Mofy and ASGN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Mofy position performs unexpectedly, ASGN 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 ASGN will offset losses from the drop in ASGN's long position.| Global Mofy vs. Olo Inc | Global Mofy vs. Jamf Holding | Global Mofy vs. FT Vest Equity | Global Mofy vs. Zillow Group Class |
| ASGN vs. CLARIVATE PLC | ASGN vs. ExlService Holdings | ASGN vs. Genpact Limited | ASGN vs. Science Applications International |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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