Correlation Between ANGLER GAMING and Firan Technology
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and Firan Technology 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 Firan Technology 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 Firan Technology Group, you can compare the effects of market volatilities on ANGLER GAMING and Firan 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 ANGLER GAMING with a short position of Firan Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and Firan Technology.
Diversification Opportunities for ANGLER GAMING and Firan Technology
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANGLER and Firan is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and Firan Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Firan Technology 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 Firan Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Firan Technology has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and Firan Technology go up and down completely randomly.
Pair Corralation between ANGLER GAMING and Firan Technology
Assuming the 90 days horizon ANGLER GAMING PLC is expected to under-perform the Firan Technology. In addition to that, ANGLER GAMING is 2.15 times more volatile than Firan Technology Group. It trades about -0.11 of its total potential returns per unit of risk. Firan Technology Group is currently generating about 0.18 per unit of volatility. If you would invest 446.00 in Firan Technology Group on August 29, 2024 and sell it today you would earn a total of 36.00 from holding Firan Technology Group or generate 8.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANGLER GAMING PLC vs. Firan Technology Group
Performance |
| Timeline |
| ANGLER GAMING PLC |
| Firan Technology |
ANGLER GAMING and Firan Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGLER GAMING and Firan Technology
The main advantage of trading using opposite ANGLER GAMING and Firan Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, Firan 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 Firan Technology will offset losses from the drop in Firan Technology's long position.| ANGLER GAMING vs. Charter Communications | ANGLER GAMING vs. Rogers Communications | ANGLER GAMING vs. GALENA MINING LTD | ANGLER GAMING vs. MINCO SILVER |
| Firan Technology vs. Apple Inc | Firan Technology vs. Apple Inc | Firan Technology vs. Apple Inc | Firan Technology vs. Apple Inc |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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