Correlation Between Bragg Gaming and Playstudios
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Playstudios 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 Playstudios 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 Playstudios, you can compare the effects of market volatilities on Bragg Gaming and Playstudios 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 Playstudios. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Playstudios.
Diversification Opportunities for Bragg Gaming and Playstudios
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bragg and Playstudios is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Playstudios in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Playstudios 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 Playstudios. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Playstudios has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Playstudios go up and down completely randomly.
Pair Corralation between Bragg Gaming and Playstudios
Given the investment horizon of 90 days Bragg Gaming Group is expected to under-perform the Playstudios. In addition to that, Bragg Gaming is 1.6 times more volatile than Playstudios. It trades about -0.24 of its total potential returns per unit of risk. Playstudios is currently generating about 0.31 per unit of volatility. If you would invest 143.00 in Playstudios on August 24, 2024 and sell it today you would earn a total of 42.00 from holding Playstudios or generate 29.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bragg Gaming Group vs. Playstudios
Performance |
| Timeline |
| Bragg Gaming Group |
| Playstudios |
Bragg Gaming and Playstudios Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Playstudios
The main advantage of trading using opposite Bragg Gaming and Playstudios positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Playstudios 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 Playstudios will offset losses from the drop in Playstudios' long position.| Bragg Gaming vs. i3 Interactive | Bragg Gaming vs. Snail, Class A | Bragg Gaming vs. Playstudios | Bragg Gaming vs. GDEV Inc |
| Playstudios vs. SohuCom | Playstudios vs. Snail, Class A | Playstudios vs. Playtika Holding Corp | Playstudios vs. Golden Matrix 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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