Correlation Between Beowulf Mining and Fractal Gaming
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By analyzing existing cross correlation between Beowulf Mining PLC and Fractal Gaming Group, you can compare the effects of market volatilities on Beowulf Mining and Fractal Gaming 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 Beowulf Mining with a short position of Fractal Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and Fractal Gaming.
Diversification Opportunities for Beowulf Mining and Fractal Gaming
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beowulf and Fractal is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and Fractal Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fractal Gaming Group and Beowulf Mining 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 Beowulf Mining PLC are associated (or correlated) with Fractal Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fractal Gaming Group has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and Fractal Gaming go up and down completely randomly.
Pair Corralation between Beowulf Mining and Fractal Gaming
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to under-perform the Fractal Gaming. In addition to that, Beowulf Mining is 3.11 times more volatile than Fractal Gaming Group. It trades about -0.17 of its total potential returns per unit of risk. Fractal Gaming Group is currently generating about -0.17 per unit of volatility. If you would invest 3,360 in Fractal Gaming Group on August 29, 2024 and sell it today you would lose (180.00) from holding Fractal Gaming Group or give up 5.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. Fractal Gaming Group
Performance |
| Timeline |
| Beowulf Mining PLC |
| Fractal Gaming Group |
Beowulf Mining and Fractal Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and Fractal Gaming
The main advantage of trading using opposite Beowulf Mining and Fractal Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, Fractal Gaming 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 Fractal Gaming will offset losses from the drop in Fractal Gaming's long position.| Beowulf Mining vs. AstraZeneca PLC | Beowulf Mining vs. Investor AB ser | Beowulf Mining vs. Investor AB ser | Beowulf Mining vs. Atlas Copco AB |
| Fractal Gaming vs. Media and Games | Fractal Gaming vs. Cint Group AB | Fractal Gaming vs. Thunderful Group AB | Fractal Gaming vs. Enad Global 7 |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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