Correlation Between Bragg Gaming and Enbridge Pref
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By analyzing existing cross correlation between Bragg Gaming Group and Enbridge Pref 11, you can compare the effects of market volatilities on Bragg Gaming and Enbridge Pref 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 Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Enbridge Pref.
Diversification Opportunities for Bragg Gaming and Enbridge Pref
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bragg and Enbridge is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Enbridge Pref 11 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref 11 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 Enbridge Pref. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge Pref 11 has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Enbridge Pref go up and down completely randomly.
Pair Corralation between Bragg Gaming and Enbridge Pref
Assuming the 90 days trading horizon Bragg Gaming Group is expected to under-perform the Enbridge Pref. In addition to that, Bragg Gaming is 8.6 times more volatile than Enbridge Pref 11. It trades about -0.05 of its total potential returns per unit of risk. Enbridge Pref 11 is currently generating about 0.16 per unit of volatility. If you would invest 1,795 in Enbridge Pref 11 on September 12, 2024 and sell it today you would earn a total of 106.00 from holding Enbridge Pref 11 or generate 5.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bragg Gaming Group vs. Enbridge Pref 11
Performance |
| Timeline |
| Bragg Gaming Group |
| Enbridge Pref 11 |
Bragg Gaming and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Enbridge Pref
The main advantage of trading using opposite Bragg Gaming and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Enbridge Pref 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 Enbridge Pref will offset losses from the drop in Enbridge Pref's 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 |
| Enbridge Pref vs. Enbridge Pref 5 | Enbridge Pref vs. Enbridge Pref L | Enbridge Pref vs. E Split Corp | Enbridge Pref vs. E Split Corp |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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