Correlation Between Gan and Ebet
Can any of the company-specific risk be diversified away by investing in both Gan and Ebet 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 Gan and Ebet into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gan and Ebet Inc, you can compare the effects of market volatilities on Gan and Ebet 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 Gan with a short position of Ebet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan and Ebet.
Diversification Opportunities for Gan and Ebet
Pay attention - limited upside
The 3 months correlation between Gan and Ebet is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Gan and Ebet Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ebet Inc and Gan 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 Gan are associated (or correlated) with Ebet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ebet Inc has no effect on the direction of Gan i.e., Gan and Ebet go up and down completely randomly.
Pair Corralation between Gan and Ebet
Considering the 90-day investment horizon Gan is expected to generate 0.69 times more return on investment than Ebet. However, Gan is 1.45 times less risky than Ebet. It trades about 0.04 of its potential returns per unit of risk. Ebet Inc is currently generating about -0.1 per unit of risk. If you would invest 130.00 in Gan on August 27, 2024 and sell it today you would earn a total of 54.00 from holding Gan or generate 41.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 31.85% |
| Values | Daily Returns |
Gan vs. Ebet Inc
Performance |
| Timeline |
| Gan |
| Ebet Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Gan and Ebet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan and Ebet
The main advantage of trading using opposite Gan and Ebet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan position performs unexpectedly, Ebet 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 Ebet will offset losses from the drop in Ebet's long position.| Gan vs. Rush Street Interactive | Gan vs. Inspired Entertainment | Gan vs. PointsBet Holdings Limited | Gan vs. PlayAGS |
| Ebet vs. PointsBet Holdings Limited | Ebet vs. Gan | Ebet vs. Rush Street Interactive | Ebet vs. Lottery, Warrants |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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