Correlation Between Bragg Gaming and Primaris Retail
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Primaris Retail 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 Primaris Retail 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 Primaris Retail RE, you can compare the effects of market volatilities on Bragg Gaming and Primaris Retail 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 Primaris Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Primaris Retail.
Diversification Opportunities for Bragg Gaming and Primaris Retail
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bragg and Primaris is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Primaris Retail RE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Primaris Retail RE 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 Primaris Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Primaris Retail RE has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Primaris Retail go up and down completely randomly.
Pair Corralation between Bragg Gaming and Primaris Retail
Assuming the 90 days trading horizon Bragg Gaming Group is expected to generate 2.9 times more return on investment than Primaris Retail. However, Bragg Gaming is 2.9 times more volatile than Primaris Retail RE. It trades about 0.04 of its potential returns per unit of risk. Primaris Retail RE is currently generating about 0.05 per unit of risk. If you would invest 464.00 in Bragg Gaming Group on November 27, 2024 and sell it today you would earn a total of 266.00 from holding Bragg Gaming Group or generate 57.33% 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. Primaris Retail RE
Performance |
| Timeline |
| Bragg Gaming Group |
| Primaris Retail RE |
Bragg Gaming and Primaris Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Primaris Retail
The main advantage of trading using opposite Bragg Gaming and Primaris Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Primaris Retail 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 Primaris Retail will offset losses from the drop in Primaris Retail's long position.| Bragg Gaming vs. Enthusiast Gaming Holdings | Bragg Gaming vs. ESE Entertainment | Bragg Gaming vs. Braille Energy Systems |
| Primaris Retail vs. HR Real Estate | Primaris Retail vs. Dream Office Real | Primaris Retail vs. Artis Real Estate | Primaris Retail vs. Boardwalk Real Estate |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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