Correlation Between GameSquare Holdings and Trugolf
Can any of the company-specific risk be diversified away by investing in both GameSquare Holdings and Trugolf 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 GameSquare Holdings and Trugolf into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GameSquare Holdings and Trugolf, you can compare the effects of market volatilities on GameSquare Holdings and Trugolf 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 GameSquare Holdings with a short position of Trugolf. Check out your portfolio center. Please also check ongoing floating volatility patterns of GameSquare Holdings and Trugolf.
Diversification Opportunities for GameSquare Holdings and Trugolf
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between GameSquare and Trugolf is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding GameSquare Holdings and Trugolf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trugolf and GameSquare Holdings 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 GameSquare Holdings are associated (or correlated) with Trugolf. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trugolf has no effect on the direction of GameSquare Holdings i.e., GameSquare Holdings and Trugolf go up and down completely randomly.
Pair Corralation between GameSquare Holdings and Trugolf
Given the investment horizon of 90 days GameSquare Holdings is expected to generate 0.58 times more return on investment than Trugolf. However, GameSquare Holdings is 1.72 times less risky than Trugolf. It trades about -0.03 of its potential returns per unit of risk. Trugolf is currently generating about -0.04 per unit of risk. If you would invest 520.00 in GameSquare Holdings on December 6, 2024 and sell it today you would lose (455.00) from holding GameSquare Holdings or give up 87.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 55.87% |
| Values | Daily Returns |
GameSquare Holdings vs. Trugolf
Performance |
| Timeline |
| GameSquare Holdings |
| Trugolf |
GameSquare Holdings and Trugolf Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GameSquare Holdings and Trugolf
The main advantage of trading using opposite GameSquare Holdings and Trugolf positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GameSquare Holdings position performs unexpectedly, Trugolf 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 Trugolf will offset losses from the drop in Trugolf's long position.| GameSquare Holdings vs. Doubledown Interactive Co | GameSquare Holdings vs. Snail, Class A | GameSquare Holdings vs. Golden Matrix Group | GameSquare Holdings vs. SohuCom |
| Trugolf vs. Hudson Technologies | Trugolf vs. CVR Partners LP | Trugolf vs. Ecovyst | Trugolf vs. Park Electrochemical |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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