Correlation Between Bragg Gaming and Freeze Tag
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Freeze Tag 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 Freeze Tag 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 Freeze Tag, you can compare the effects of market volatilities on Bragg Gaming and Freeze Tag 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 Freeze Tag. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Freeze Tag.
Diversification Opportunities for Bragg Gaming and Freeze Tag
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bragg and Freeze is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Freeze Tag in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Freeze Tag 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 Freeze Tag. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Freeze Tag has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Freeze Tag go up and down completely randomly.
Pair Corralation between Bragg Gaming and Freeze Tag
Given the investment horizon of 90 days Bragg Gaming Group is expected to generate 0.24 times more return on investment than Freeze Tag. However, Bragg Gaming Group is 4.13 times less risky than Freeze Tag. It trades about 0.18 of its potential returns per unit of risk. Freeze Tag is currently generating about 0.04 per unit of risk. If you would invest 327.00 in Bragg Gaming Group on September 19, 2024 and sell it today you would earn a total of 47.00 from holding Bragg Gaming Group or generate 14.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bragg Gaming Group vs. Freeze Tag
Performance |
| Timeline |
| Bragg Gaming Group |
| Freeze Tag |
Bragg Gaming and Freeze Tag Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Freeze Tag
The main advantage of trading using opposite Bragg Gaming and Freeze Tag positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Freeze Tag 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 Freeze Tag will offset losses from the drop in Freeze Tag's long position.| Bragg Gaming vs. Global E Online | Bragg Gaming vs. Etsy Inc | Bragg Gaming vs. PDD Holdings | Bragg Gaming vs. JD Inc Adr |
| Freeze Tag vs. NEXON Co | Freeze Tag vs. Playstudios | Freeze Tag vs. Doubledown Interactive Co | Freeze Tag vs. Bragg Gaming Group |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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