Correlation Between Evolution Gaming and INFICON Holding
Can any of the company-specific risk be diversified away by investing in both Evolution Gaming and INFICON Holding 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 INFICON Holding 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 INFICON Holding AG, you can compare the effects of market volatilities on Evolution Gaming and INFICON Holding 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 INFICON Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evolution Gaming and INFICON Holding.
Diversification Opportunities for Evolution Gaming and INFICON Holding
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Evolution and INFICON is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Evolution Gaming Group and INFICON Holding AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INFICON Holding AG 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 INFICON Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INFICON Holding AG has no effect on the direction of Evolution Gaming i.e., Evolution Gaming and INFICON Holding go up and down completely randomly.
Pair Corralation between Evolution Gaming and INFICON Holding
If you would invest 126,000 in INFICON Holding AG on September 15, 2024 and sell it today you would earn a total of 0.00 from holding INFICON Holding AG or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Evolution Gaming Group vs. INFICON Holding AG
Performance |
| Timeline |
| Evolution Gaming |
| INFICON Holding AG |
Evolution Gaming and INFICON Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evolution Gaming and INFICON Holding
The main advantage of trading using opposite Evolution Gaming and INFICON Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolution Gaming position performs unexpectedly, INFICON Holding 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 INFICON Holding will offset losses from the drop in INFICON Holding's long position.| Evolution Gaming vs. Galaxy Gaming | Evolution Gaming vs. Everi Holdings | Evolution Gaming vs. Intema Solutions | Evolution Gaming vs. 888 Holdings |
| INFICON Holding vs. Evolution Gaming Group | INFICON Holding vs. Boyd Gaming | INFICON Holding vs. Corsair Gaming | INFICON Holding vs. Emerson Radio |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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