Correlation Between Imax Corp and Turtle Beach
Can any of the company-specific risk be diversified away by investing in both Imax Corp and Turtle Beach 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 Imax Corp and Turtle Beach into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imax Corp and Turtle Beach, you can compare the effects of market volatilities on Imax Corp and Turtle Beach 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 Imax Corp with a short position of Turtle Beach. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imax Corp and Turtle Beach.
Diversification Opportunities for Imax Corp and Turtle Beach
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Imax and Turtle is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Imax Corp and Turtle Beach in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Turtle Beach and Imax Corp 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 Imax Corp are associated (or correlated) with Turtle Beach. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Turtle Beach has no effect on the direction of Imax Corp i.e., Imax Corp and Turtle Beach go up and down completely randomly.
Pair Corralation between Imax Corp and Turtle Beach
Given the investment horizon of 90 days Imax Corp is expected to generate 30.85 times less return on investment than Turtle Beach. But when comparing it to its historical volatility, Imax Corp is 1.45 times less risky than Turtle Beach. It trades about 0.01 of its potential returns per unit of risk. Turtle Beach is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 1,121 in Turtle Beach on May 29, 2025 and sell it today you would earn a total of 423.00 from holding Turtle Beach or generate 37.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Imax Corp vs. Turtle Beach
Performance |
| Timeline |
| Imax Corp |
| Turtle Beach |
Imax Corp and Turtle Beach Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imax Corp and Turtle Beach
The main advantage of trading using opposite Imax Corp and Turtle Beach positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imax Corp position performs unexpectedly, Turtle Beach 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 Turtle Beach will offset losses from the drop in Turtle Beach's long position.| Imax Corp vs. Cinemark Holdings | Imax Corp vs. News Corp A | Imax Corp vs. Marcus | Imax Corp vs. Liberty Media |
| Turtle Beach vs. Western Digital | Turtle Beach vs. UTime Limited | Turtle Beach vs. Meiwu Technology Co | Turtle Beach vs. Precision Optics, |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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