Correlation Between PlayAGS and SUPER HI
Can any of the company-specific risk be diversified away by investing in both PlayAGS and SUPER HI 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 SUPER HI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PlayAGS and SUPER HI INTERNATIONAL, you can compare the effects of market volatilities on PlayAGS and SUPER HI 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 SUPER HI. Check out your portfolio center. Please also check ongoing floating volatility patterns of PlayAGS and SUPER HI.
Diversification Opportunities for PlayAGS and SUPER HI
Poor diversification
The 3 months correlation between PlayAGS and SUPER is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding PlayAGS and SUPER HI INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUPER HI INTERNATIONAL 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 SUPER HI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUPER HI INTERNATIONAL has no effect on the direction of PlayAGS i.e., PlayAGS and SUPER HI go up and down completely randomly.
Pair Corralation between PlayAGS and SUPER HI
Considering the 90-day investment horizon PlayAGS is expected to under-perform the SUPER HI. But the stock apears to be less risky and, when comparing its historical volatility, PlayAGS is 11.51 times less risky than SUPER HI. The stock trades about -0.02 of its potential returns per unit of risk. The SUPER HI INTERNATIONAL is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,646 in SUPER HI INTERNATIONAL on August 31, 2024 and sell it today you would earn a total of 47.00 from holding SUPER HI INTERNATIONAL or generate 2.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PlayAGS vs. SUPER HI INTERNATIONAL
Performance |
| Timeline |
| PlayAGS |
| SUPER HI INTERNATIONAL |
PlayAGS and SUPER HI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PlayAGS and SUPER HI
The main advantage of trading using opposite PlayAGS and SUPER HI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PlayAGS position performs unexpectedly, SUPER HI 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 SUPER HI will offset losses from the drop in SUPER HI's long position.| PlayAGS vs. Light Wonder | PlayAGS vs. Everi Holdings | PlayAGS vs. Inspired Entertainment | PlayAGS vs. International Game Technology |
| SUPER HI vs. RLJ Lodging Trust | SUPER HI vs. Aquagold International | SUPER HI vs. Stepstone Group | SUPER HI vs. Morningstar Unconstrained Allocation |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |