Correlation Between Comscore and Smart Digital
Can any of the company-specific risk be diversified away by investing in both Comscore and Smart Digital 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 Comscore and Smart Digital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comscore and Smart Digital Group, you can compare the effects of market volatilities on Comscore and Smart Digital 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 Comscore with a short position of Smart Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comscore and Smart Digital.
Diversification Opportunities for Comscore and Smart Digital
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Comscore and Smart is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Comscore and Smart Digital Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smart Digital Group and Comscore 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 Comscore are associated (or correlated) with Smart Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smart Digital Group has no effect on the direction of Comscore i.e., Comscore and Smart Digital go up and down completely randomly.
Pair Corralation between Comscore and Smart Digital
Given the investment horizon of 90 days Comscore is expected to generate 0.56 times more return on investment than Smart Digital. However, Comscore is 1.8 times less risky than Smart Digital. It trades about 0.03 of its potential returns per unit of risk. Smart Digital Group is currently generating about -0.1 per unit of risk. If you would invest 645.00 in Comscore on August 23, 2025 and sell it today you would earn a total of 9.00 from holding Comscore or generate 1.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comscore vs. Smart Digital Group
Performance |
| Timeline |
| Comscore |
| Smart Digital Group |
Comscore and Smart Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comscore and Smart Digital
The main advantage of trading using opposite Comscore and Smart Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comscore position performs unexpectedly, Smart Digital 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 Smart Digital will offset losses from the drop in Smart Digital's long position.| Comscore vs. The Beachbody Company, | Comscore vs. Courtside Group, Common | Comscore vs. Zedge Inc | Comscore vs. TuanChe ADR |
| Smart Digital vs. Able View Global | Smart Digital vs. Inuvo Inc | Smart Digital vs. Thumzup Media | Smart Digital vs. Fluent Inc |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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