Correlation Between Bragg Gaming and Advent Wireless
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Advent Wireless 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 Advent Wireless 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 Advent Wireless, you can compare the effects of market volatilities on Bragg Gaming and Advent Wireless 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 Advent Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Advent Wireless.
Diversification Opportunities for Bragg Gaming and Advent Wireless
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bragg and Advent is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Advent Wireless in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advent Wireless 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 Advent Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advent Wireless has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Advent Wireless go up and down completely randomly.
Pair Corralation between Bragg Gaming and Advent Wireless
Assuming the 90 days trading horizon Bragg Gaming is expected to generate 1.52 times less return on investment than Advent Wireless. In addition to that, Bragg Gaming is 1.11 times more volatile than Advent Wireless. It trades about 0.02 of its total potential returns per unit of risk. Advent Wireless is currently generating about 0.03 per unit of volatility. If you would invest 53.00 in Advent Wireless on September 12, 2024 and sell it today you would earn a total of 12.00 from holding Advent Wireless or generate 22.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bragg Gaming Group vs. Advent Wireless
Performance |
| Timeline |
| Bragg Gaming Group |
| Advent Wireless |
Bragg Gaming and Advent Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Advent Wireless
The main advantage of trading using opposite Bragg Gaming and Advent Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Advent Wireless 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 Advent Wireless will offset losses from the drop in Advent Wireless' long position.| Bragg Gaming vs. Berkshire Hathaway CDR | Bragg Gaming vs. Microsoft Corp CDR | Bragg Gaming vs. Apple Inc CDR | Bragg Gaming vs. Alphabet Inc CDR |
| Advent Wireless vs. Sparx Technology | Advent Wireless vs. Bragg Gaming Group | Advent Wireless vs. Constellation Software | Advent Wireless vs. 2028 Investment Grade |
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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