Correlation Between Concorde Gaming and Rocky Brands

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Can any of the company-specific risk be diversified away by investing in both Concorde Gaming and Rocky Brands 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 Concorde Gaming and Rocky Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concorde Gaming and Rocky Brands, you can compare the effects of market volatilities on Concorde Gaming and Rocky Brands 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 Concorde Gaming with a short position of Rocky Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concorde Gaming and Rocky Brands.

Diversification Opportunities for Concorde Gaming and Rocky Brands

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Concorde and Rocky is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Concorde Gaming and Rocky Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rocky Brands and Concorde 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 Concorde Gaming are associated (or correlated) with Rocky Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rocky Brands has no effect on the direction of Concorde Gaming i.e., Concorde Gaming and Rocky Brands go up and down completely randomly.

Pair Corralation between Concorde Gaming and Rocky Brands

If you would invest  0.01  in Concorde Gaming on August 28, 2024 and sell it today you would earn a total of  0.00  from holding Concorde Gaming or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy95.45%
ValuesDaily Returns

Concorde Gaming  vs.  Rocky Brands

 Performance 
       Timeline  
Concorde Gaming 

Risk-Adjusted Performance

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Weak
 
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Very Weak
Over the last 90 days Concorde Gaming has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Concorde Gaming is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.
Rocky Brands 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Rocky Brands has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's forward-looking signals remain fairly strong which may send shares a bit higher in December 2024. The current disturbance may also be a sign of long term up-swing for the company investors.

Concorde Gaming and Rocky Brands Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Concorde Gaming and Rocky Brands

The main advantage of trading using opposite Concorde Gaming and Rocky Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concorde Gaming position performs unexpectedly, Rocky Brands 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 Rocky Brands will offset losses from the drop in Rocky Brands' long position.
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The idea behind Concorde Gaming and Rocky Brands pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.

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