Correlation Between PlayAGS and Uxin
Can any of the company-specific risk be diversified away by investing in both PlayAGS and Uxin 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 Uxin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PlayAGS and Uxin, you can compare the effects of market volatilities on PlayAGS and Uxin 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 Uxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of PlayAGS and Uxin.
Diversification Opportunities for PlayAGS and Uxin
Poor diversification
The 3 months correlation between PlayAGS and Uxin is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding PlayAGS and Uxin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uxin 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 Uxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uxin has no effect on the direction of PlayAGS i.e., PlayAGS and Uxin go up and down completely randomly.
Pair Corralation between PlayAGS and Uxin
Considering the 90-day investment horizon PlayAGS is expected to generate 0.34 times more return on investment than Uxin. However, PlayAGS is 2.95 times less risky than Uxin. It trades about 0.08 of its potential returns per unit of risk. Uxin is currently generating about -0.01 per unit of risk. If you would invest 605.00 in PlayAGS on August 31, 2024 and sell it today you would earn a total of 557.00 from holding PlayAGS or generate 92.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.73% |
| Values | Daily Returns |
PlayAGS vs. Uxin
Performance |
| Timeline |
| PlayAGS |
| Uxin |
PlayAGS and Uxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PlayAGS and Uxin
The main advantage of trading using opposite PlayAGS and Uxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PlayAGS position performs unexpectedly, Uxin 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 Uxin will offset losses from the drop in Uxin's long position.| PlayAGS vs. Light Wonder | PlayAGS vs. Everi Holdings | PlayAGS vs. Inspired Entertainment | PlayAGS vs. International Game Technology |
| Uxin vs. Kingsway Financial Services | Uxin vs. KAR Auction Services | Uxin vs. Cango Inc | Uxin vs. Vroom Inc |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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