Correlation Between PlayAGS and Canterbury Park
Can any of the company-specific risk be diversified away by investing in both PlayAGS and Canterbury Park 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 PlayAGS and Canterbury Park into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PlayAGS and Canterbury Park Holding, you can compare the effects of market volatilities on PlayAGS and Canterbury Park 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 PlayAGS with a short position of Canterbury Park. Check out your portfolio center. Please also check ongoing floating volatility patterns of PlayAGS and Canterbury Park.
Diversification Opportunities for PlayAGS and Canterbury Park
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between PlayAGS and Canterbury is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding PlayAGS and Canterbury Park Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canterbury Park Holding and PlayAGS 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 PlayAGS are associated (or correlated) with Canterbury Park. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canterbury Park Holding has no effect on the direction of PlayAGS i.e., PlayAGS and Canterbury Park go up and down completely randomly.
Pair Corralation between PlayAGS and Canterbury Park
Considering the 90-day investment horizon PlayAGS is expected to generate 23.95 times less return on investment than Canterbury Park. But when comparing it to its historical volatility, PlayAGS is 12.31 times less risky than Canterbury Park. It trades about 0.05 of its potential returns per unit of risk. Canterbury Park Holding is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,882 in Canterbury Park Holding on August 23, 2024 and sell it today you would earn a total of 98.00 from holding Canterbury Park Holding or generate 5.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
PlayAGS vs. Canterbury Park Holding
Performance |
| Timeline |
| PlayAGS |
| Canterbury Park Holding |
PlayAGS and Canterbury Park Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PlayAGS and Canterbury Park
The main advantage of trading using opposite PlayAGS and Canterbury Park positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PlayAGS position performs unexpectedly, Canterbury Park 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 Canterbury Park will offset losses from the drop in Canterbury Park's long position.| PlayAGS vs. Light Wonder | PlayAGS vs. Everi Holdings | PlayAGS vs. Inspired Entertainment | PlayAGS vs. International Game Technology |
| Canterbury Park vs. Community West Bancshares | Canterbury Park vs. Citizens Community Bancorp | Canterbury Park vs. Bridgford Foods |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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