Correlation Between Bragg Gaming and Where Food
Can any of the company-specific risk be diversified away by investing in both Bragg Gaming and Where Food 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 Where Food 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 Where Food Comes, you can compare the effects of market volatilities on Bragg Gaming and Where Food 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 Where Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bragg Gaming and Where Food.
Diversification Opportunities for Bragg Gaming and Where Food
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bragg and Where is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Bragg Gaming Group and Where Food Comes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Where Food Comes 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 Where Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Where Food Comes has no effect on the direction of Bragg Gaming i.e., Bragg Gaming and Where Food go up and down completely randomly.
Pair Corralation between Bragg Gaming and Where Food
Given the investment horizon of 90 days Bragg Gaming Group is expected to under-perform the Where Food. In addition to that, Bragg Gaming is 1.25 times more volatile than Where Food Comes. It trades about -0.07 of its total potential returns per unit of risk. Where Food Comes is currently generating about 0.03 per unit of volatility. If you would invest 1,150 in Where Food Comes on October 12, 2024 and sell it today you would earn a total of 104.00 from holding Where Food Comes or generate 9.04% 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. Where Food Comes
Performance |
| Timeline |
| Bragg Gaming Group |
| Where Food Comes |
Bragg Gaming and Where Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bragg Gaming and Where Food
The main advantage of trading using opposite Bragg Gaming and Where Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bragg Gaming position performs unexpectedly, Where Food 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 Where Food will offset losses from the drop in Where Food's long position.| Bragg Gaming vs. i3 Interactive | Bragg Gaming vs. Snail, Class A | Bragg Gaming vs. Playstudios | Bragg Gaming vs. GDEV Inc |
| Where Food vs. Issuer Direct Corp | Where Food vs. Smith Midland Corp | Where Food vs. Bm Technologies | Where Food vs. 1StdibsCom |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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