Correlation Between ANGLER GAMING and MEBUKI FINANCIAL
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and MEBUKI 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 MEBUKI 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 MEBUKI FINANCIAL GROUP, you can compare the effects of market volatilities on ANGLER GAMING and MEBUKI 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 MEBUKI FINANCIAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and MEBUKI FINANCIAL.
Diversification Opportunities for ANGLER GAMING and MEBUKI FINANCIAL
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ANGLER and MEBUKI is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and MEBUKI FINANCIAL GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MEBUKI 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 MEBUKI FINANCIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MEBUKI FINANCIAL has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and MEBUKI FINANCIAL go up and down completely randomly.
Pair Corralation between ANGLER GAMING and MEBUKI FINANCIAL
Assuming the 90 days horizon ANGLER GAMING PLC is expected to under-perform the MEBUKI FINANCIAL. In addition to that, ANGLER GAMING is 1.51 times more volatile than MEBUKI FINANCIAL GROUP. It trades about -0.04 of its total potential returns per unit of risk. MEBUKI FINANCIAL GROUP is currently generating about 0.05 per unit of volatility. If you would invest 354.00 in MEBUKI FINANCIAL GROUP on September 2, 2024 and sell it today you would earn a total of 54.00 from holding MEBUKI FINANCIAL GROUP or generate 15.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANGLER GAMING PLC vs. MEBUKI FINANCIAL GROUP
Performance |
| Timeline |
| ANGLER GAMING PLC |
| MEBUKI FINANCIAL |
ANGLER GAMING and MEBUKI FINANCIAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGLER GAMING and MEBUKI FINANCIAL
The main advantage of trading using opposite ANGLER GAMING and MEBUKI FINANCIAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, MEBUKI 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 MEBUKI FINANCIAL will offset losses from the drop in MEBUKI FINANCIAL's long position.| ANGLER GAMING vs. Churchill Downs Incorporated | ANGLER GAMING vs. Scientific Games | ANGLER GAMING vs. International Game Technology | ANGLER GAMING vs. Superior Plus Corp |
| MEBUKI FINANCIAL vs. UNICREDIT SPA ADR | MEBUKI FINANCIAL vs. Deutsche Bank Aktiengesellschaft | MEBUKI FINANCIAL vs. Superior Plus Corp | MEBUKI FINANCIAL vs. Origin Agritech |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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