Correlation Between ANGLER GAMING and FUTURE GAMING
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and FUTURE GAMING 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 ANGLER GAMING and FUTURE GAMING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANGLER GAMING PLC and FUTURE GAMING GRP, you can compare the effects of market volatilities on ANGLER GAMING and FUTURE GAMING 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 ANGLER GAMING with a short position of FUTURE GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and FUTURE GAMING.
Diversification Opportunities for ANGLER GAMING and FUTURE GAMING
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ANGLER and FUTURE is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and FUTURE GAMING GRP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FUTURE GAMING GRP and ANGLER GAMING 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 ANGLER GAMING PLC are associated (or correlated) with FUTURE GAMING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FUTURE GAMING GRP has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and FUTURE GAMING go up and down completely randomly.
Pair Corralation between ANGLER GAMING and FUTURE GAMING
Assuming the 90 days horizon ANGLER GAMING PLC is expected to generate 1.43 times more return on investment than FUTURE GAMING. However, ANGLER GAMING is 1.43 times more volatile than FUTURE GAMING GRP. It trades about 0.05 of its potential returns per unit of risk. FUTURE GAMING GRP is currently generating about -0.03 per unit of risk. If you would invest 33.00 in ANGLER GAMING PLC on December 10, 2024 and sell it today you would earn a total of 7.00 from holding ANGLER GAMING PLC or generate 21.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 99.19% |
Values | Daily Returns |
ANGLER GAMING PLC vs. FUTURE GAMING GRP
Performance |
Timeline |
ANGLER GAMING PLC |
FUTURE GAMING GRP |
ANGLER GAMING and FUTURE GAMING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ANGLER GAMING and FUTURE GAMING
The main advantage of trading using opposite ANGLER GAMING and FUTURE GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, FUTURE GAMING 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 FUTURE GAMING will offset losses from the drop in FUTURE GAMING's long position.ANGLER GAMING vs. Playa Hotels Resorts | ANGLER GAMING vs. Molson Coors Beverage | ANGLER GAMING vs. Suntory Beverage Food | ANGLER GAMING vs. Emperor Entertainment Hotel |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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