Correlation Between Gan and Littlefield
Can any of the company-specific risk be diversified away by investing in both Gan and Littlefield 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 Littlefield into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gan and Littlefield, you can compare the effects of market volatilities on Gan and Littlefield 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 Littlefield. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan and Littlefield.
Diversification Opportunities for Gan and Littlefield
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gan and Littlefield is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Gan and Littlefield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Littlefield 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 Littlefield. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Littlefield has no effect on the direction of Gan i.e., Gan and Littlefield go up and down completely randomly.
Pair Corralation between Gan and Littlefield
If you would invest 180.00 in Gan on September 2, 2024 and sell it today you would earn a total of 3.00 from holding Gan or generate 1.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Gan vs. Littlefield
Performance |
| Timeline |
| Gan |
| Littlefield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Gan and Littlefield Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan and Littlefield
The main advantage of trading using opposite Gan and Littlefield positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan position performs unexpectedly, Littlefield 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 Littlefield will offset losses from the drop in Littlefield's long position.| Gan vs. Rush Street Interactive | Gan vs. Inspired Entertainment | Gan vs. PointsBet Holdings Limited | Gan vs. PlayAGS |
| Littlefield vs. PlayAGS | Littlefield vs. Gan | Littlefield vs. Lottery, Common Stock | Littlefield vs. DraftKings |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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