Correlation Between OURGAME INTHOLDL and PENN NATL
Can any of the company-specific risk be diversified away by investing in both OURGAME INTHOLDL and PENN NATL 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 OURGAME INTHOLDL and PENN NATL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OURGAME INTHOLDL 00005 and PENN NATL GAMING, you can compare the effects of market volatilities on OURGAME INTHOLDL and PENN NATL 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 OURGAME INTHOLDL with a short position of PENN NATL. Check out your portfolio center. Please also check ongoing floating volatility patterns of OURGAME INTHOLDL and PENN NATL.
Diversification Opportunities for OURGAME INTHOLDL and PENN NATL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OURGAME and PENN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OURGAME INTHOLDL 00005 and PENN NATL GAMING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PENN NATL GAMING and OURGAME INTHOLDL 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 OURGAME INTHOLDL 00005 are associated (or correlated) with PENN NATL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PENN NATL GAMING has no effect on the direction of OURGAME INTHOLDL i.e., OURGAME INTHOLDL and PENN NATL go up and down completely randomly.
Pair Corralation between OURGAME INTHOLDL and PENN NATL
If you would invest 1,832 in PENN NATL GAMING on August 30, 2024 and sell it today you would earn a total of 184.00 from holding PENN NATL GAMING or generate 10.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
OURGAME INTHOLDL 00005 vs. PENN NATL GAMING
Performance |
| Timeline |
| OURGAME INTHOLDL 00005 |
| PENN NATL GAMING |
OURGAME INTHOLDL and PENN NATL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OURGAME INTHOLDL and PENN NATL
The main advantage of trading using opposite OURGAME INTHOLDL and PENN NATL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OURGAME INTHOLDL position performs unexpectedly, PENN NATL 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 PENN NATL will offset losses from the drop in PENN NATL's long position.| OURGAME INTHOLDL vs. Sea Limited | OURGAME INTHOLDL vs. Superior Plus Corp | OURGAME INTHOLDL vs. NMI Holdings | OURGAME INTHOLDL vs. SIVERS SEMICONDUCTORS AB |
| PENN NATL vs. Apple Inc | PENN NATL vs. Apple Inc | PENN NATL vs. Superior Plus Corp | PENN NATL vs. SIVERS SEMICONDUCTORS AB |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |