Correlation Between Golden Matrix and Bragg Gaming
Can any of the company-specific risk be diversified away by investing in both Golden Matrix and Bragg Gaming 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 Bragg Gaming 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 Bragg Gaming Group, you can compare the effects of market volatilities on Golden Matrix and Bragg Gaming 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 Bragg Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Matrix and Bragg Gaming.
Diversification Opportunities for Golden Matrix and Bragg Gaming
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Golden and Bragg is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Golden Matrix Group and Bragg Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bragg Gaming Group 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 Bragg Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bragg Gaming Group has no effect on the direction of Golden Matrix i.e., Golden Matrix and Bragg Gaming go up and down completely randomly.
Pair Corralation between Golden Matrix and Bragg Gaming
Given the investment horizon of 90 days Golden Matrix Group is expected to generate 0.82 times more return on investment than Bragg Gaming. However, Golden Matrix Group is 1.22 times less risky than Bragg Gaming. It trades about 0.16 of its potential returns per unit of risk. Bragg Gaming Group is currently generating about -0.24 per unit of risk. If you would invest 217.00 in Golden Matrix Group on August 24, 2024 and sell it today you would earn a total of 35.00 from holding Golden Matrix Group or generate 16.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Golden Matrix Group vs. Bragg Gaming Group
Performance |
| Timeline |
| Golden Matrix Group |
| Bragg Gaming Group |
Golden Matrix and Bragg Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Matrix and Bragg Gaming
The main advantage of trading using opposite Golden Matrix and Bragg Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Matrix position performs unexpectedly, Bragg Gaming 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 Bragg Gaming will offset losses from the drop in Bragg Gaming's long position.| Golden Matrix vs. i3 Interactive | Golden Matrix vs. GameSquare Holdings | Golden Matrix vs. Playstudios | Golden Matrix vs. Snail, Class A |
| Bragg Gaming vs. i3 Interactive | Bragg Gaming vs. Snail, Class A | Bragg Gaming vs. Playstudios | Bragg Gaming vs. GDEV Inc |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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