Correlation Between Elys Game and Accel Entertainment
Can any of the company-specific risk be diversified away by investing in both Elys Game and Accel Entertainment 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 Elys Game and Accel Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elys Game Technology and Accel Entertainment, you can compare the effects of market volatilities on Elys Game and Accel Entertainment 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 Elys Game with a short position of Accel Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elys Game and Accel Entertainment.
Diversification Opportunities for Elys Game and Accel Entertainment
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Elys and Accel is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Elys Game Technology and Accel Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accel Entertainment and Elys Game 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 Elys Game Technology are associated (or correlated) with Accel Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accel Entertainment has no effect on the direction of Elys Game i.e., Elys Game and Accel Entertainment go up and down completely randomly.
Pair Corralation between Elys Game and Accel Entertainment
If you would invest 1,136 in Accel Entertainment on August 27, 2024 and sell it today you would earn a total of 35.00 from holding Accel Entertainment or generate 3.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Elys Game Technology vs. Accel Entertainment
Performance |
| Timeline |
| Elys Game Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Accel Entertainment |
Elys Game and Accel Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elys Game and Accel Entertainment
The main advantage of trading using opposite Elys Game and Accel Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elys Game position performs unexpectedly, Accel Entertainment 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 Accel Entertainment will offset losses from the drop in Accel Entertainment's long position.| Elys Game vs. Entain Plc | Elys Game vs. Intema Solutions | Elys Game vs. 888 Holdings | Elys Game vs. Royal Wins |
| Accel Entertainment vs. Light Wonder | Accel Entertainment vs. Everi Holdings | Accel Entertainment vs. Inspired Entertainment | Accel Entertainment vs. International Game Technology |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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