Correlation Between Thunderbird Entertainment and WildBrain
Can any of the company-specific risk be diversified away by investing in both Thunderbird Entertainment and WildBrain 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 Thunderbird Entertainment and WildBrain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thunderbird Entertainment Group and WildBrain, you can compare the effects of market volatilities on Thunderbird Entertainment and WildBrain 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 Thunderbird Entertainment with a short position of WildBrain. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thunderbird Entertainment and WildBrain.
Diversification Opportunities for Thunderbird Entertainment and WildBrain
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Thunderbird and WildBrain is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Thunderbird Entertainment Grou and WildBrain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WildBrain and Thunderbird Entertainment 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 Thunderbird Entertainment Group are associated (or correlated) with WildBrain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WildBrain has no effect on the direction of Thunderbird Entertainment i.e., Thunderbird Entertainment and WildBrain go up and down completely randomly.
Pair Corralation between Thunderbird Entertainment and WildBrain
Assuming the 90 days trading horizon Thunderbird Entertainment is expected to generate 19.15 times less return on investment than WildBrain. But when comparing it to its historical volatility, Thunderbird Entertainment Group is 1.12 times less risky than WildBrain. It trades about 0.0 of its potential returns per unit of risk. WildBrain is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 130.00 in WildBrain on October 7, 2025 and sell it today you would earn a total of 35.00 from holding WildBrain or generate 26.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thunderbird Entertainment Grou vs. WildBrain
Performance |
| Timeline |
| Thunderbird Entertainment |
| WildBrain |
Thunderbird Entertainment and WildBrain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thunderbird Entertainment and WildBrain
The main advantage of trading using opposite Thunderbird Entertainment and WildBrain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thunderbird Entertainment position performs unexpectedly, WildBrain 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 WildBrain will offset losses from the drop in WildBrain's long position.| Thunderbird Entertainment vs. Qyou Media | Thunderbird Entertainment vs. Overactive Media Corp | Thunderbird Entertainment vs. Corus Entertainment | Thunderbird Entertainment vs. illumin Holdings |
| WildBrain vs. Qyou Media | WildBrain vs. Overactive Media Corp | WildBrain vs. Zoomd Technologies | WildBrain vs. Corus Entertainment |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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