Correlation Between PlayAGS and Intema Solutions
Can any of the company-specific risk be diversified away by investing in both PlayAGS and Intema Solutions 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 Intema Solutions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PlayAGS and Intema Solutions, you can compare the effects of market volatilities on PlayAGS and Intema Solutions 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 Intema Solutions. Check out your portfolio center. Please also check ongoing floating volatility patterns of PlayAGS and Intema Solutions.
Diversification Opportunities for PlayAGS and Intema Solutions
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PlayAGS and Intema is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PlayAGS and Intema Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intema Solutions 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 Intema Solutions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intema Solutions has no effect on the direction of PlayAGS i.e., PlayAGS and Intema Solutions go up and down completely randomly.
Pair Corralation between PlayAGS and Intema Solutions
If you would invest 1,131 in PlayAGS on August 31, 2024 and sell it today you would earn a total of 31.00 from holding PlayAGS or generate 2.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PlayAGS vs. Intema Solutions
Performance |
| Timeline |
| PlayAGS |
| Intema Solutions |
PlayAGS and Intema Solutions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PlayAGS and Intema Solutions
The main advantage of trading using opposite PlayAGS and Intema Solutions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PlayAGS position performs unexpectedly, Intema Solutions 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 Intema Solutions will offset losses from the drop in Intema Solutions' long position.| PlayAGS vs. Light Wonder | PlayAGS vs. Everi Holdings | PlayAGS vs. Inspired Entertainment | PlayAGS vs. International Game Technology |
| Intema Solutions vs. 888 Holdings | Intema Solutions vs. Real Luck Group | Intema Solutions vs. Royal Wins |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |