Correlation Between Concorde Gaming and 207597EH4

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Can any of the company-specific risk be diversified away by investing in both Concorde Gaming and 207597EH4 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 207597EH4 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concorde Gaming and CONNECTICUT LT PWR, you can compare the effects of market volatilities on Concorde Gaming and 207597EH4 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 207597EH4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concorde Gaming and 207597EH4.

Diversification Opportunities for Concorde Gaming and 207597EH4

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Concorde and 207597EH4 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Concorde Gaming and CONNECTICUT LT PWR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONNECTICUT LT PWR 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 207597EH4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONNECTICUT LT PWR has no effect on the direction of Concorde Gaming i.e., Concorde Gaming and 207597EH4 go up and down completely randomly.

Pair Corralation between Concorde Gaming and 207597EH4

If you would invest  8,403  in CONNECTICUT LT PWR on August 30, 2024 and sell it today you would earn a total of  31.00  from holding CONNECTICUT LT PWR or generate 0.37% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy45.45%
ValuesDaily Returns

Concorde Gaming  vs.  CONNECTICUT LT PWR

 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.
CONNECTICUT LT PWR 

Risk-Adjusted Performance

1 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in CONNECTICUT LT PWR are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, 207597EH4 is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Concorde Gaming and 207597EH4 Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Concorde Gaming and 207597EH4

The main advantage of trading using opposite Concorde Gaming and 207597EH4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concorde Gaming position performs unexpectedly, 207597EH4 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 207597EH4 will offset losses from the drop in 207597EH4's long position.
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The idea behind Concorde Gaming and CONNECTICUT LT PWR 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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