Correlation Between Fractal Gaming and Filo Mining
Can any of the company-specific risk be diversified away by investing in both Fractal Gaming and Filo Mining 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 Filo Mining 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 Filo Mining Corp, you can compare the effects of market volatilities on Fractal Gaming and Filo Mining 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 Filo Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fractal Gaming and Filo Mining.
Diversification Opportunities for Fractal Gaming and Filo Mining
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fractal and Filo is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Fractal Gaming Group and Filo Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Filo Mining Corp 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 Filo Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Filo Mining Corp has no effect on the direction of Fractal Gaming i.e., Fractal Gaming and Filo Mining go up and down completely randomly.
Pair Corralation between Fractal Gaming and Filo Mining
Assuming the 90 days trading horizon Fractal Gaming Group is expected to under-perform the Filo Mining. In addition to that, Fractal Gaming is 1.35 times more volatile than Filo Mining Corp. It trades about -0.17 of its total potential returns per unit of risk. Filo Mining Corp is currently generating about 0.04 per unit of volatility. If you would invest 25,000 in Filo Mining Corp on August 29, 2024 and sell it today you would earn a total of 200.00 from holding Filo Mining Corp or generate 0.8% 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. Filo Mining Corp
Performance |
| Timeline |
| Fractal Gaming Group |
| Filo Mining Corp |
Fractal Gaming and Filo Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fractal Gaming and Filo Mining
The main advantage of trading using opposite Fractal Gaming and Filo Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fractal Gaming position performs unexpectedly, Filo Mining 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 Filo Mining will offset losses from the drop in Filo Mining'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 |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |