Correlation Between Beachbody and Mediaalpha Inc

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Beachbody and Mediaalpha Inc 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 Beachbody and Mediaalpha Inc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Beachbody and Mediaalpha Inc Cl, you can compare the effects of market volatilities on Beachbody and Mediaalpha Inc 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 Beachbody with a short position of Mediaalpha Inc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beachbody and Mediaalpha Inc.

Diversification Opportunities for Beachbody and Mediaalpha Inc

-0.07
  Correlation Coefficient

Good diversification

The 3 months correlation between Beachbody and Mediaalpha is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding The Beachbody and Mediaalpha Inc Cl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mediaalpha Inc and Beachbody 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 The Beachbody are associated (or correlated) with Mediaalpha Inc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mediaalpha Inc has no effect on the direction of Beachbody i.e., Beachbody and Mediaalpha Inc go up and down completely randomly.

Pair Corralation between Beachbody and Mediaalpha Inc

Given the investment horizon of 90 days The Beachbody is expected to under-perform the Mediaalpha Inc. In addition to that, Beachbody is 1.4 times more volatile than Mediaalpha Inc Cl. It trades about -0.1 of its total potential returns per unit of risk. Mediaalpha Inc Cl is currently generating about -0.08 per unit of volatility. If you would invest  3,034  in Mediaalpha Inc Cl on July 2, 2022 and sell it today you would lose (2,148)  from holding Mediaalpha Inc Cl or give up 70.8% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

The Beachbody  vs.  Mediaalpha Inc Cl

 Performance (%) 
       Timeline  
Beachbody 
Beachbody Performance
0 of 100
Over the last 90 days The Beachbody has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's fundamental indicators remain fairly strong which may send shares a bit higher in October 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Beachbody Price Channel

Mediaalpha Inc 
Mediaalpha Performance
0 of 100
Over the last 90 days Mediaalpha Inc Cl has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in October 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Mediaalpha Price Channel

Beachbody and Mediaalpha Inc Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Beachbody and Mediaalpha Inc

The main advantage of trading using opposite Beachbody and Mediaalpha Inc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beachbody position performs unexpectedly, Mediaalpha Inc 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 Mediaalpha Inc will offset losses from the drop in Mediaalpha Inc's long position.
Beachbody vs. Microsoft Corp
The idea behind The Beachbody and Mediaalpha Inc Cl pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Mediaalpha Inc vs. Tencent Holdings
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.

Other Complementary Tools

Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
Go
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Go
Alpha Finder
Use alpha and beta coefficients to find investment opportunities after accounting for the risk
Go
Money Managers
Screen money managers from public funds and ETFs managed around the world
Go
Portfolio Volatility
Check portfolio volatility and analyze historical return density to properly model market risk
Go
Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
Go
Content Syndication
Quickly integrate customizable finance content to your own investment portal
Go
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Go
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Go
Idea Breakdown
Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes
Go
Earnings Calls
Check upcoming earnings announcements updated hourly across public exchanges
Go
Competition Analyzer
Analyze and compare many basic indicators for a group of related or unrelated entities
Go