Correlation Between Ainsworth Game and 26884ABH5
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ainsworth Game Technology and ERP OPER LTD, you can compare the effects of market volatilities on Ainsworth Game and 26884ABH5 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 Ainsworth Game with a short position of 26884ABH5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ainsworth Game and 26884ABH5.
Diversification Opportunities for Ainsworth Game and 26884ABH5
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ainsworth and 26884ABH5 is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Ainsworth Game Technology and ERP OPER LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ERP OPER LTD and Ainsworth Game 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 Ainsworth Game Technology are associated (or correlated) with 26884ABH5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ERP OPER LTD has no effect on the direction of Ainsworth Game i.e., Ainsworth Game and 26884ABH5 go up and down completely randomly.
Pair Corralation between Ainsworth Game and 26884ABH5
Assuming the 90 days horizon Ainsworth Game is expected to generate 22.16 times less return on investment than 26884ABH5. In addition to that, Ainsworth Game is 1.67 times more volatile than ERP OPER LTD. It trades about 0.01 of its total potential returns per unit of risk. ERP OPER LTD is currently generating about 0.32 per unit of volatility. If you would invest 7,917 in ERP OPER LTD on September 5, 2024 and sell it today you would earn a total of 279.00 from holding ERP OPER LTD or generate 3.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 45.45% |
| Values | Daily Returns |
Ainsworth Game Technology vs. ERP OPER LTD
Performance |
| Timeline |
| Ainsworth Game Technology |
| ERP OPER LTD |
Ainsworth Game and 26884ABH5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ainsworth Game and 26884ABH5
The main advantage of trading using opposite Ainsworth Game and 26884ABH5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ainsworth Game position performs unexpectedly, 26884ABH5 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 26884ABH5 will offset losses from the drop in 26884ABH5's long position.| Ainsworth Game vs. Intema Solutions | Ainsworth Game vs. 888 Holdings | Ainsworth Game vs. Royal Wins | Ainsworth Game vs. Real Luck Group |
| 26884ABH5 vs. EvoAir Holdings | 26884ABH5 vs. Ambev SA ADR | 26884ABH5 vs. Fomento Economico Mexicano | 26884ABH5 vs. High Performance Beverages |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |