Correlation Between Fractal Gaming and Cint Group
Can any of the company-specific risk be diversified away by investing in both Fractal Gaming and Cint Group 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 Fractal Gaming and Cint Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fractal Gaming Group and Cint Group AB, you can compare the effects of market volatilities on Fractal Gaming and Cint Group 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 Fractal Gaming with a short position of Cint Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fractal Gaming and Cint Group.
Diversification Opportunities for Fractal Gaming and Cint Group
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fractal and Cint is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Fractal Gaming Group and Cint Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cint Group AB and Fractal 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 Fractal Gaming Group are associated (or correlated) with Cint Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cint Group AB has no effect on the direction of Fractal Gaming i.e., Fractal Gaming and Cint Group go up and down completely randomly.
Pair Corralation between Fractal Gaming and Cint Group
Assuming the 90 days trading horizon Fractal Gaming Group is expected to under-perform the Cint Group. But the stock apears to be less risky and, when comparing its historical volatility, Fractal Gaming Group is 1.56 times less risky than Cint Group. The stock trades about -0.01 of its potential returns per unit of risk. The Cint Group AB is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 931.00 in Cint Group AB on August 25, 2024 and sell it today you would earn a total of 279.00 from holding Cint Group AB or generate 29.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fractal Gaming Group vs. Cint Group AB
Performance |
| Timeline |
| Fractal Gaming Group |
| Cint Group AB |
Fractal Gaming and Cint Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fractal Gaming and Cint Group
The main advantage of trading using opposite Fractal Gaming and Cint Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fractal Gaming position performs unexpectedly, Cint Group 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 Cint Group will offset losses from the drop in Cint Group's long position.| Fractal Gaming vs. Media and Games | Fractal Gaming vs. Cint Group AB | Fractal Gaming vs. Thunderful Group AB | Fractal Gaming vs. Enad Global 7 |
| Cint Group vs. Spectrumone publ AB | Cint Group vs. Media and Games | Cint Group vs. Enersize Oy | Cint Group vs. Cantargia AB |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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