Correlation Between Evolution Gaming and MGMCHI
Specify exactly 2 symbols:
By analyzing existing cross correlation between Evolution Gaming Group and MGMCHI 475 01 FEB 27, you can compare the effects of market volatilities on Evolution Gaming and MGMCHI 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 MGMCHI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evolution Gaming and MGMCHI.
Diversification Opportunities for Evolution Gaming and MGMCHI
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Evolution and MGMCHI is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Evolution Gaming Group and MGMCHI 475 01 FEB 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MGMCHI 475 01 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 MGMCHI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MGMCHI 475 01 has no effect on the direction of Evolution Gaming i.e., Evolution Gaming and MGMCHI go up and down completely randomly.
Pair Corralation between Evolution Gaming and MGMCHI
Assuming the 90 days horizon Evolution Gaming Group is expected to under-perform the MGMCHI. In addition to that, Evolution Gaming is 3.56 times more volatile than MGMCHI 475 01 FEB 27. It trades about -0.04 of its total potential returns per unit of risk. MGMCHI 475 01 FEB 27 is currently generating about -0.02 per unit of volatility. If you would invest 9,280 in MGMCHI 475 01 FEB 27 on September 3, 2024 and sell it today you would lose (154.00) from holding MGMCHI 475 01 FEB 27 or give up 1.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.8% |
| Values | Daily Returns |
Evolution Gaming Group vs. MGMCHI 475 01 FEB 27
Performance |
| Timeline |
| Evolution Gaming |
| MGMCHI 475 01 |
Evolution Gaming and MGMCHI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evolution Gaming and MGMCHI
The main advantage of trading using opposite Evolution Gaming and MGMCHI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolution Gaming position performs unexpectedly, MGMCHI 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 MGMCHI will offset losses from the drop in MGMCHI's long position.| Evolution Gaming vs. Everi Holdings | Evolution Gaming vs. Intema Solutions | Evolution Gaming vs. 888 Holdings | Evolution Gaming vs. Light Wonder |
| MGMCHI vs. Encore Capital Group | MGMCHI vs. Taiwan Semiconductor Manufacturing | MGMCHI vs. Siriuspoint | MGMCHI vs. Juniata Valley Financial |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |