Correlation Between Games Workshop and Genesis Minerals
Can any of the company-specific risk be diversified away by investing in both Games Workshop and Genesis Minerals 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 Games Workshop and Genesis Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Games Workshop Group and Genesis Minerals Limited, you can compare the effects of market volatilities on Games Workshop and Genesis Minerals 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 Games Workshop with a short position of Genesis Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Games Workshop and Genesis Minerals.
Diversification Opportunities for Games Workshop and Genesis Minerals
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Games and Genesis is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Games Workshop Group and Genesis Minerals Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genesis Minerals and Games Workshop 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 Games Workshop Group are associated (or correlated) with Genesis Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genesis Minerals has no effect on the direction of Games Workshop i.e., Games Workshop and Genesis Minerals go up and down completely randomly.
Pair Corralation between Games Workshop and Genesis Minerals
Assuming the 90 days horizon Games Workshop Group is expected to generate 0.65 times more return on investment than Genesis Minerals. However, Games Workshop Group is 1.53 times less risky than Genesis Minerals. It trades about 0.31 of its potential returns per unit of risk. Genesis Minerals Limited is currently generating about 0.09 per unit of risk. If you would invest 20,950 in Games Workshop Group on September 1, 2025 and sell it today you would earn a total of 5,500 from holding Games Workshop Group or generate 26.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Games Workshop Group vs. Genesis Minerals Limited
Performance |
| Timeline |
| Games Workshop Group |
| Genesis Minerals |
Games Workshop and Genesis Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Games Workshop and Genesis Minerals
The main advantage of trading using opposite Games Workshop and Genesis Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Games Workshop position performs unexpectedly, Genesis Minerals 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 Genesis Minerals will offset losses from the drop in Genesis Minerals' long position.| Games Workshop vs. Mitsui Chemicals ADR | Games Workshop vs. Solstad Offshore ASA | Games Workshop vs. Canadian Utilities Limited | Games Workshop vs. National Rural Utilities |
| Genesis Minerals vs. Martin Marietta Materials | Genesis Minerals vs. Eternal Hospitality Group | Genesis Minerals vs. Meta Materials | Genesis Minerals vs. Doman Building Materials |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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