Correlation Between Golden Matrix and Ainsworth Game
Can any of the company-specific risk be diversified away by investing in both Golden Matrix and Ainsworth 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 Golden Matrix and Ainsworth Game into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Matrix Group and Ainsworth Game Technology, you can compare the effects of market volatilities on Golden Matrix and Ainsworth 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 Golden Matrix with a short position of Ainsworth Game. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Matrix and Ainsworth Game.
Diversification Opportunities for Golden Matrix and Ainsworth Game
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Golden and Ainsworth is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Golden Matrix Group and Ainsworth Game Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ainsworth Game Technology and Golden Matrix 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 Golden Matrix Group are associated (or correlated) with Ainsworth Game. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ainsworth Game Technology has no effect on the direction of Golden Matrix i.e., Golden Matrix and Ainsworth Game go up and down completely randomly.
Pair Corralation between Golden Matrix and Ainsworth Game
Given the investment horizon of 90 days Golden Matrix Group is expected to under-perform the Ainsworth Game. In addition to that, Golden Matrix is 1.58 times more volatile than Ainsworth Game Technology. It trades about -0.01 of its total potential returns per unit of risk. Ainsworth Game Technology is currently generating about -0.01 per unit of volatility. If you would invest 58.00 in Ainsworth Game Technology on November 28, 2024 and sell it today you would lose (7.00) from holding Ainsworth Game Technology or give up 12.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Golden Matrix Group vs. Ainsworth Game Technology
Performance |
| Timeline |
| Golden Matrix Group |
| Ainsworth Game Technology |
Golden Matrix and Ainsworth Game Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Matrix and Ainsworth Game
The main advantage of trading using opposite Golden Matrix and Ainsworth Game positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Matrix position performs unexpectedly, Ainsworth 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 Ainsworth Game will offset losses from the drop in Ainsworth Game's long position.| Golden Matrix vs. i3 Interactive | Golden Matrix vs. GameSquare Holdings | Golden Matrix vs. Playstudios | Golden Matrix vs. Snail, Class A |
| Ainsworth Game vs. Intema Solutions | Ainsworth Game vs. 888 Holdings | Ainsworth Game vs. Royal Wins | Ainsworth Game vs. Real Luck Group |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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