Correlation Between Global Gaming and BTCS

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Can any of the company-specific risk be diversified away by investing in both Global Gaming and BTCS 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 Global Gaming and BTCS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global Gaming Technologies and BTCS Inc, you can compare the effects of market volatilities on Global Gaming and BTCS 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 Global Gaming with a short position of BTCS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Gaming and BTCS.

Diversification Opportunities for Global Gaming and BTCS

0.35
  Correlation Coefficient

Weak diversification

The 3 months correlation between Global and BTCS is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Global Gaming Technologies and BTCS Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BTCS Inc and Global Gaming 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 Global Gaming Technologies are associated (or correlated) with BTCS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCS Inc has no effect on the direction of Global Gaming i.e., Global Gaming and BTCS go up and down completely randomly.

Pair Corralation between Global Gaming and BTCS

Assuming the 90 days horizon Global Gaming Technologies is expected to generate 26.29 times more return on investment than BTCS. However, Global Gaming is 26.29 times more volatile than BTCS Inc. It trades about 0.36 of its potential returns per unit of risk. BTCS Inc is currently generating about 0.26 per unit of risk. If you would invest  0.00  in Global Gaming Technologies on August 30, 2024 and sell it today you would earn a total of  0.01  from holding Global Gaming Technologies or generate 9.223372036854776E16% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy97.73%
ValuesDaily Returns

Global Gaming Technologies  vs.  BTCS Inc

 Performance 
       Timeline  
Global Gaming Techno 

Risk-Adjusted Performance

29 of 100

 
Weak
 
Strong
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Global Gaming Technologies are ranked lower than 29 (%) of all global equities and portfolios over the last 90 days. Despite nearly weak fundamental indicators, Global Gaming reported solid returns over the last few months and may actually be approaching a breakup point.
BTCS Inc 

Risk-Adjusted Performance

16 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in BTCS Inc are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady fundamental indicators, BTCS unveiled solid returns over the last few months and may actually be approaching a breakup point.

Global Gaming and BTCS Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Global Gaming and BTCS

The main advantage of trading using opposite Global Gaming and BTCS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Gaming position performs unexpectedly, BTCS 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 BTCS will offset losses from the drop in BTCS's long position.
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The idea behind Global Gaming Technologies and BTCS Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.

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