Correlation Between Bragg Gaming and Kura Sushi
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Kura Sushi 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 Bragg Gaming and Kura Sushi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bragg Gaming Group and Kura Sushi USA, you can compare the effects of market volatilities on Bragg Gaming and Kura Sushi 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 Bragg Gaming with a short position of Kura Sushi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Kura Sushi.
Diversification Opportunities for Bragg Gaming and Kura Sushi
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bragg and Kura is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Kura Sushi USA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kura Sushi USA and Bragg 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 Bragg Gaming Group are associated (or correlated) with Kura Sushi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kura Sushi USA has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Kura Sushi go up and down completely randomly.
Pair Corralation between Bragg Gaming and Kura Sushi
Given the investment horizon of 90 days Bragg Gaming Group is expected to generate 1.12 times more return on investment than Kura Sushi. However, Bragg Gaming is 1.12 times more volatile than Kura Sushi USA. It trades about 0.1 of its potential returns per unit of risk. Kura Sushi USA is currently generating about -0.21 per unit of risk. If you would invest 353.00 in Bragg Gaming Group on December 18, 2024 and sell it today you would earn a total of 79.00 from holding Bragg Gaming Group or generate 22.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Bragg Gaming Group vs. Kura Sushi USA
Performance |
Timeline |
Bragg Gaming Group |
Kura Sushi USA |
Bragg Gaming and Kura Sushi Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bragg Gaming and Kura Sushi
The main advantage of trading using opposite Bragg Gaming and Kura Sushi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Kura Sushi 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 Kura Sushi will offset losses from the drop in Kura Sushi's long position.Bragg Gaming vs. i3 Interactive | Bragg Gaming vs. Snail, Class A | Bragg Gaming vs. Playstudios | Bragg Gaming vs. GDEV Inc |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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