Correlation Between QIIWI GAMES and BRAGG GAMING
Can any of the company-specific risk be diversified away by investing in both QIIWI GAMES and BRAGG GAMING 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 QIIWI GAMES and BRAGG GAMING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between QIIWI GAMES AB and BRAGG GAMING GRP, you can compare the effects of market volatilities on QIIWI GAMES and BRAGG GAMING 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 QIIWI GAMES with a short position of BRAGG GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of QIIWI GAMES and BRAGG GAMING.
Diversification Opportunities for QIIWI GAMES and BRAGG GAMING
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between QIIWI and BRAGG is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding QIIWI GAMES AB and BRAGG GAMING GRP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRAGG GAMING GRP and QIIWI GAMES 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 QIIWI GAMES AB are associated (or correlated) with BRAGG GAMING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRAGG GAMING GRP has no effect on the direction of QIIWI GAMES i.e., QIIWI GAMES and BRAGG GAMING go up and down completely randomly.
Pair Corralation between QIIWI GAMES and BRAGG GAMING
Assuming the 90 days horizon QIIWI GAMES AB is expected to generate 1.23 times more return on investment than BRAGG GAMING. However, QIIWI GAMES is 1.23 times more volatile than BRAGG GAMING GRP. It trades about 0.13 of its potential returns per unit of risk. BRAGG GAMING GRP is currently generating about -0.06 per unit of risk. If you would invest 20.00 in QIIWI GAMES AB on September 21, 2024 and sell it today you would earn a total of 11.00 from holding QIIWI GAMES AB or generate 55.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
QIIWI GAMES AB vs. BRAGG GAMING GRP
Performance |
| Timeline |
| QIIWI GAMES AB |
| BRAGG GAMING GRP |
QIIWI GAMES and BRAGG GAMING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with QIIWI GAMES and BRAGG GAMING
The main advantage of trading using opposite QIIWI GAMES and BRAGG GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QIIWI GAMES position performs unexpectedly, BRAGG GAMING 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 BRAGG GAMING will offset losses from the drop in BRAGG GAMING's long position.| QIIWI GAMES vs. GOODYEAR T RUBBER | QIIWI GAMES vs. Chuangs China Investments | QIIWI GAMES vs. Apollo Investment Corp | QIIWI GAMES vs. The Yokohama Rubber |
| BRAGG GAMING vs. GAMING FAC SA | BRAGG GAMING vs. FUTURE GAMING GRP | BRAGG GAMING vs. PENN NATL GAMING | BRAGG GAMING vs. ANGLER GAMING PLC |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |