Correlation Between Elys Game and PlayAGS
Can any of the company-specific risk be diversified away by investing in both Elys Game and PlayAGS 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 PlayAGS 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 PlayAGS, you can compare the effects of market volatilities on Elys Game and PlayAGS 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 PlayAGS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elys Game and PlayAGS.
Diversification Opportunities for Elys Game and PlayAGS
Average diversification
The 3 months correlation between Elys and PlayAGS is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Elys Game Technology and PlayAGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PlayAGS 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 PlayAGS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PlayAGS has no effect on the direction of Elys Game i.e., Elys Game and PlayAGS go up and down completely randomly.
Pair Corralation between Elys Game and PlayAGS
If you would invest 1,161 in PlayAGS on August 27, 2024 and sell it today you would earn a total of 2.00 from holding PlayAGS or generate 0.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Elys Game Technology vs. PlayAGS
Performance |
| Timeline |
| Elys Game Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| PlayAGS |
Elys Game and PlayAGS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elys Game and PlayAGS
The main advantage of trading using opposite Elys Game and PlayAGS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elys Game position performs unexpectedly, PlayAGS 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 PlayAGS will offset losses from the drop in PlayAGS's long position.| Elys Game vs. Entain Plc | Elys Game vs. Intema Solutions | Elys Game vs. 888 Holdings | Elys Game vs. Royal Wins |
| PlayAGS vs. Light Wonder | PlayAGS vs. Everi Holdings | PlayAGS vs. Inspired Entertainment | PlayAGS 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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