Correlation Between Bragg Gaming and Altair Resources
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Altair Resources 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 Bragg Gaming and Altair Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bragg Gaming Group and Altair Resources, you can compare the effects of market volatilities on Bragg Gaming and Altair Resources 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 Bragg Gaming with a short position of Altair Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Altair Resources.
Diversification Opportunities for Bragg Gaming and Altair Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bragg and Altair is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Altair Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altair Resources and Bragg 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 Bragg Gaming Group are associated (or correlated) with Altair Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altair Resources has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Altair Resources go up and down completely randomly.
Pair Corralation between Bragg Gaming and Altair Resources
If you would invest 1.00 in Altair Resources on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Altair Resources or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Bragg Gaming Group vs. Altair Resources
Performance |
| Timeline |
| Bragg Gaming Group |
| Altair Resources |
Bragg Gaming and Altair Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Altair Resources
The main advantage of trading using opposite Bragg Gaming and Altair Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Altair Resources 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 Altair Resources will offset losses from the drop in Altair Resources' long position.| Bragg Gaming vs. Real Luck Group | Bragg Gaming vs. Enthusiast Gaming Holdings | Bragg Gaming vs. ESE Entertainment | Bragg Gaming vs. Braille Energy Systems |
| Altair Resources vs. Bragg Gaming Group | Altair Resources vs. Information Services | Altair Resources vs. East Side Games | Altair Resources vs. Dream Office Real |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |