Correlation Between Nexxen International and Gray Television
Can any of the company-specific risk be diversified away by investing in both Nexxen International and Gray Television 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 Nexxen International and Gray Television into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nexxen International and Gray Television, you can compare the effects of market volatilities on Nexxen International and Gray Television 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 Nexxen International with a short position of Gray Television. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nexxen International and Gray Television.
Diversification Opportunities for Nexxen International and Gray Television
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nexxen and Gray is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Nexxen International and Gray Television in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gray Television and Nexxen International 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 Nexxen International are associated (or correlated) with Gray Television. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gray Television has no effect on the direction of Nexxen International i.e., Nexxen International and Gray Television go up and down completely randomly.
Pair Corralation between Nexxen International and Gray Television
Given the investment horizon of 90 days Nexxen International is expected to under-perform the Gray Television. In addition to that, Nexxen International is 1.45 times more volatile than Gray Television. It trades about -0.15 of its total potential returns per unit of risk. Gray Television is currently generating about 0.18 per unit of volatility. If you would invest 491.00 in Gray Television on September 13, 2025 and sell it today you would earn a total of 62.00 from holding Gray Television or generate 12.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nexxen International vs. Gray Television
Performance |
| Timeline |
| Nexxen International |
| Gray Television |
Nexxen International and Gray Television Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nexxen International and Gray Television
The main advantage of trading using opposite Nexxen International and Gray Television positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nexxen International position performs unexpectedly, Gray Television 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 Gray Television will offset losses from the drop in Gray Television's long position.| Nexxen International vs. Direct Digital Holdings | Nexxen International vs. Zeta Network Group | Nexxen International vs. Lendway | Nexxen International vs. Pop Culture Group |
| Gray Television vs. iHeartMedia Class A | Gray Television vs. Advantage Solutions | Gray Television vs. WideOpenWest | Gray Television vs. National CineMedia |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |