Correlation Between Evolution Gaming and Concorde Gaming

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

Diversification Opportunities for Evolution Gaming and Concorde Gaming

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Evolution Gaming and Concorde Gaming

If you would invest  0.01  in Concorde Gaming on August 24, 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
Accuracy100.0%
ValuesDaily Returns

Evolution Gaming Group  vs.  Concorde Gaming

 Performance 
       Timeline  
Evolution Gaming 

Risk-Adjusted Performance

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Strong
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Over the last 90 days Evolution Gaming Group 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 basic indicators 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 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
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.

Evolution Gaming and Concorde Gaming Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Evolution Gaming and Concorde Gaming

The main advantage of trading using opposite Evolution Gaming and Concorde Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolution Gaming position performs unexpectedly, Concorde 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 Concorde Gaming will offset losses from the drop in Concorde Gaming's long position.
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The idea behind Evolution Gaming Group and Concorde Gaming 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.

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