Correlation Between ANGLER GAMING and CK Infrastructure
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and CK Infrastructure 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 CK Infrastructure 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 CK Infrastructure Holdings, you can compare the effects of market volatilities on ANGLER GAMING and CK Infrastructure 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 CK Infrastructure. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and CK Infrastructure.
Diversification Opportunities for ANGLER GAMING and CK Infrastructure
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ANGLER and CHH is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and CK Infrastructure Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CK Infrastructure 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 CK Infrastructure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CK Infrastructure has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and CK Infrastructure go up and down completely randomly.
Pair Corralation between ANGLER GAMING and CK Infrastructure
Assuming the 90 days horizon ANGLER GAMING PLC is expected to under-perform the CK Infrastructure. In addition to that, ANGLER GAMING is 2.44 times more volatile than CK Infrastructure Holdings. It trades about -0.11 of its total potential returns per unit of risk. CK Infrastructure Holdings is currently generating about -0.04 per unit of volatility. If you would invest 641.00 in CK Infrastructure Holdings on September 13, 2024 and sell it today you would lose (13.00) from holding CK Infrastructure Holdings or give up 2.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANGLER GAMING PLC vs. CK Infrastructure Holdings
Performance |
| Timeline |
| ANGLER GAMING PLC |
| CK Infrastructure |
ANGLER GAMING and CK Infrastructure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGLER GAMING and CK Infrastructure
The main advantage of trading using opposite ANGLER GAMING and CK Infrastructure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, CK Infrastructure 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 CK Infrastructure will offset losses from the drop in CK Infrastructure's long position.| ANGLER GAMING vs. Scientific Games | ANGLER GAMING vs. International Game Technology | ANGLER GAMING vs. Superior Plus Corp | ANGLER GAMING vs. SIVERS SEMICONDUCTORS AB |
| CK Infrastructure vs. INDO RAMA SYNTHETIC | CK Infrastructure vs. STMICROELECTRONICS | CK Infrastructure vs. Eastman Chemical | CK Infrastructure vs. Arrow Electronics |
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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