Correlation Between ZoomerMedia and New Wave
Can any of the company-specific risk be diversified away by investing in both ZoomerMedia and New Wave 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 ZoomerMedia and New Wave into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ZoomerMedia Limited and New Wave Holdings, you can compare the effects of market volatilities on ZoomerMedia and New Wave 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 ZoomerMedia with a short position of New Wave. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZoomerMedia and New Wave.
Diversification Opportunities for ZoomerMedia and New Wave
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ZoomerMedia and New is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ZoomerMedia Limited and New Wave Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New Wave Holdings and ZoomerMedia 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 ZoomerMedia Limited are associated (or correlated) with New Wave. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New Wave Holdings has no effect on the direction of ZoomerMedia i.e., ZoomerMedia and New Wave go up and down completely randomly.
Pair Corralation between ZoomerMedia and New Wave
If you would invest 5.62 in New Wave Holdings on March 28, 2025 and sell it today you would earn a total of 24.38 from holding New Wave Holdings or generate 433.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ZoomerMedia Limited vs. New Wave Holdings
Performance |
| Timeline |
| ZoomerMedia Limited |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| New Wave Holdings |
ZoomerMedia and New Wave Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZoomerMedia and New Wave
The main advantage of trading using opposite ZoomerMedia and New Wave positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZoomerMedia position performs unexpectedly, New Wave 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 New Wave will offset losses from the drop in New Wave's long position.| ZoomerMedia vs. Guild Esports Plc | ZoomerMedia vs. Celtic plc | ZoomerMedia vs. Network Media Group | ZoomerMedia vs. OverActive Media Corp |
| New Wave vs. OverActive Media Corp | New Wave vs. Network Media Group | New Wave vs. Celtic plc | New Wave vs. Guild Esports Plc |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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