Correlation Between ANGLER GAMING and Fukuoka Financial
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and Fukuoka Financial 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 Fukuoka Financial 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 Fukuoka Financial Group, you can compare the effects of market volatilities on ANGLER GAMING and Fukuoka Financial 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 Fukuoka Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and Fukuoka Financial.
Diversification Opportunities for ANGLER GAMING and Fukuoka Financial
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ANGLER and Fukuoka is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and Fukuoka Financial Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fukuoka Financial 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 Fukuoka Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fukuoka Financial has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and Fukuoka Financial go up and down completely randomly.
Pair Corralation between ANGLER GAMING and Fukuoka Financial
Assuming the 90 days horizon ANGLER GAMING PLC is expected to generate 0.82 times more return on investment than Fukuoka Financial. However, ANGLER GAMING PLC is 1.22 times less risky than Fukuoka Financial. It trades about -0.26 of its potential returns per unit of risk. Fukuoka Financial Group is currently generating about -0.56 per unit of risk. If you would invest 28.00 in ANGLER GAMING PLC on October 9, 2024 and sell it today you would lose (1.00) from holding ANGLER GAMING PLC or give up 3.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.75% |
| Values | Daily Returns |
ANGLER GAMING PLC vs. Fukuoka Financial Group
Performance |
| Timeline |
| ANGLER GAMING PLC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Fukuoka Financial |
ANGLER GAMING and Fukuoka Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGLER GAMING and Fukuoka Financial
The main advantage of trading using opposite ANGLER GAMING and Fukuoka Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, Fukuoka Financial 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 Fukuoka Financial will offset losses from the drop in Fukuoka Financial's long position.| ANGLER GAMING vs. Scientific Games | ANGLER GAMING vs. International Game Technology | ANGLER GAMING vs. Superior Plus Corp | ANGLER GAMING vs. NMI Holdings |
| Fukuoka Financial vs. NXP Semiconductors NV | Fukuoka Financial vs. SOCKET MOBILE NEW | Fukuoka Financial vs. MINCO SILVER | Fukuoka Financial vs. Globex Mining Enterprises |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |