Correlation Between Gambling and Accel Entertainment
Can any of the company-specific risk be diversified away by investing in both Gambling and Accel Entertainment 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 Gambling and Accel Entertainment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gambling Group and Accel Entertainment, you can compare the effects of market volatilities on Gambling and Accel Entertainment 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 Gambling with a short position of Accel Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gambling and Accel Entertainment.
Diversification Opportunities for Gambling and Accel Entertainment
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Gambling and Accel is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Gambling Group and Accel Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accel Entertainment and Gambling 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 Gambling Group are associated (or correlated) with Accel Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accel Entertainment has no effect on the direction of Gambling i.e., Gambling and Accel Entertainment go up and down completely randomly.
Pair Corralation between Gambling and Accel Entertainment
Given the investment horizon of 90 days Gambling Group is expected to under-perform the Accel Entertainment. In addition to that, Gambling is 1.7 times more volatile than Accel Entertainment. It trades about -0.02 of its total potential returns per unit of risk. Accel Entertainment is currently generating about 0.25 per unit of volatility. If you would invest 1,057 in Accel Entertainment on November 2, 2024 and sell it today you would earn a total of 69.00 from holding Accel Entertainment or generate 6.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gambling Group vs. Accel Entertainment
Performance |
| Timeline |
| Gambling Group |
| Accel Entertainment |
Gambling and Accel Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gambling and Accel Entertainment
The main advantage of trading using opposite Gambling and Accel Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gambling position performs unexpectedly, Accel Entertainment 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 Accel Entertainment will offset losses from the drop in Accel Entertainment's long position.| Gambling vs. Codere Online Corp | Gambling vs. Accel Entertainment | Gambling vs. PlayAGS | Gambling vs. Canterbury Park Holding |
| Accel Entertainment vs. Light Wonder | Accel Entertainment vs. Everi Holdings | Accel Entertainment vs. Inspired Entertainment | Accel Entertainment vs. International Game Technology |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |