Correlation Between CI GAMES and ANGLER GAMING
Can any of the company-specific risk be diversified away by investing in both CI GAMES and ANGLER GAMING 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 CI GAMES and ANGLER GAMING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CI GAMES SA and ANGLER GAMING PLC, you can compare the effects of market volatilities on CI GAMES and ANGLER GAMING 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 CI GAMES with a short position of ANGLER GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI GAMES and ANGLER GAMING.
Diversification Opportunities for CI GAMES and ANGLER GAMING
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CI7 and ANGLER is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding CI GAMES SA and ANGLER GAMING PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANGLER GAMING PLC and CI GAMES 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 CI GAMES SA are associated (or correlated) with ANGLER GAMING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANGLER GAMING PLC has no effect on the direction of CI GAMES i.e., CI GAMES and ANGLER GAMING go up and down completely randomly.
Pair Corralation between CI GAMES and ANGLER GAMING
Assuming the 90 days horizon CI GAMES is expected to generate 1.07 times less return on investment than ANGLER GAMING. In addition to that, CI GAMES is 1.15 times more volatile than ANGLER GAMING PLC. It trades about 0.01 of its total potential returns per unit of risk. ANGLER GAMING PLC is currently generating about 0.01 per unit of volatility. If you would invest 41.00 in ANGLER GAMING PLC on September 2, 2024 and sell it today you would lose (12.00) from holding ANGLER GAMING PLC or give up 29.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI GAMES SA vs. ANGLER GAMING PLC
Performance |
| Timeline |
| CI GAMES SA |
| ANGLER GAMING PLC |
CI GAMES and ANGLER GAMING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI GAMES and ANGLER GAMING
The main advantage of trading using opposite CI GAMES and ANGLER GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI GAMES position performs unexpectedly, ANGLER GAMING 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 ANGLER GAMING will offset losses from the drop in ANGLER GAMING's long position.| CI GAMES vs. Nintendo Co | CI GAMES vs. Sea Limited | CI GAMES vs. Superior Plus Corp | CI GAMES vs. NMI Holdings |
| ANGLER GAMING vs. Churchill Downs Incorporated | ANGLER GAMING vs. Scientific Games | ANGLER GAMING vs. International Game Technology | ANGLER GAMING vs. Superior Plus Corp |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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