Correlation Between Penn National and Smartgiant Technology
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By analyzing existing cross correlation between Penn National Gaming and Smartgiant Technology Co, you can compare the effects of market volatilities on Penn National and Smartgiant Technology 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 Penn National with a short position of Smartgiant Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penn National and Smartgiant Technology.
Diversification Opportunities for Penn National and Smartgiant Technology
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Penn and Smartgiant is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Penn National Gaming and Smartgiant Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smartgiant Technology and Penn National 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 Penn National Gaming are associated (or correlated) with Smartgiant Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smartgiant Technology has no effect on the direction of Penn National i.e., Penn National and Smartgiant Technology go up and down completely randomly.
Pair Corralation between Penn National and Smartgiant Technology
Given the investment horizon of 90 days Penn National Gaming is expected to generate 0.57 times more return on investment than Smartgiant Technology. However, Penn National Gaming is 1.77 times less risky than Smartgiant Technology. It trades about 0.02 of its potential returns per unit of risk. Smartgiant Technology Co is currently generating about 0.0 per unit of risk. If you would invest 1,857 in Penn National Gaming on October 7, 2024 and sell it today you would earn a total of 19.00 from holding Penn National Gaming or generate 1.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.44% |
Values | Daily Returns |
Penn National Gaming vs. Smartgiant Technology Co
Performance |
Timeline |
Penn National Gaming |
Smartgiant Technology |
Penn National and Smartgiant Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Penn National and Smartgiant Technology
The main advantage of trading using opposite Penn National and Smartgiant Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penn National position performs unexpectedly, Smartgiant Technology 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 Smartgiant Technology will offset losses from the drop in Smartgiant Technology's long position.Penn National vs. DraftKings | Penn National vs. MGM Resorts International | Penn National vs. Caesars Entertainment | Penn National vs. Boyd Gaming |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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