Correlation Between Gan and Elys Game
Can any of the company-specific risk be diversified away by investing in both Gan and Elys Game 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 Elys Game into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gan and Elys Game Technology, you can compare the effects of market volatilities on Gan and Elys Game 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 Elys Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan and Elys Game.
Diversification Opportunities for Gan and Elys Game
Weak diversification
The 3 months correlation between Gan and Elys is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Gan and Elys Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elys Game Technology 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 Elys Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elys Game Technology has no effect on the direction of Gan i.e., Gan and Elys Game go up and down completely randomly.
Pair Corralation between Gan and Elys Game
Considering the 90-day investment horizon Gan is expected to generate 23.62 times less return on investment than Elys Game. But when comparing it to its historical volatility, Gan is 2.48 times less risky than Elys Game. It trades about 0.02 of its potential returns per unit of risk. Elys Game Technology is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 40.00 in Elys Game Technology on August 28, 2024 and sell it today you would earn a total of 16.00 from holding Elys Game Technology or generate 40.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.24% |
| Values | Daily Returns |
Gan vs. Elys Game Technology
Performance |
| Timeline |
| Gan |
| Elys Game Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Gan and Elys Game Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan and Elys Game
The main advantage of trading using opposite Gan and Elys Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan position performs unexpectedly, Elys Game 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 Elys Game will offset losses from the drop in Elys Game's long position.| Gan vs. Rush Street Interactive | Gan vs. Inspired Entertainment | Gan vs. PointsBet Holdings Limited | Gan vs. PlayAGS |
| Elys Game vs. Entain Plc | Elys Game vs. Intema Solutions | Elys Game vs. 888 Holdings | Elys Game vs. Royal Wins |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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