Correlation Between Greek Org and Good Gaming
Can any of the company-specific risk be diversified away by investing in both Greek Org and Good 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 Greek Org and Good Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greek Org of and Good Gaming, you can compare the effects of market volatilities on Greek Org and Good 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 Greek Org with a short position of Good Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greek Org and Good Gaming.
Diversification Opportunities for Greek Org and Good Gaming
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Greek and Good is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Greek Org of and Good Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Good Gaming and Greek Org 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 Greek Org of are associated (or correlated) with Good Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Good Gaming has no effect on the direction of Greek Org i.e., Greek Org and Good Gaming go up and down completely randomly.
Pair Corralation between Greek Org and Good Gaming
Assuming the 90 days horizon Greek Org of is expected to under-perform the Good Gaming. But the pink sheet apears to be less risky and, when comparing its historical volatility, Greek Org of is 6.03 times less risky than Good Gaming. The pink sheet trades about -0.06 of its potential returns per unit of risk. The Good Gaming is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 0.91 in Good Gaming on September 5, 2024 and sell it today you would lose (0.09) from holding Good Gaming or give up 9.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.67% |
| Values | Daily Returns |
Greek Org of vs. Good Gaming
Performance |
| Timeline |
| Greek Org |
| Good Gaming |
Greek Org and Good Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greek Org and Good Gaming
The main advantage of trading using opposite Greek Org and Good Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greek Org position performs unexpectedly, Good 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 Good Gaming will offset losses from the drop in Good Gaming's long position.| Greek Org vs. Everi Holdings | Greek Org vs. Intema Solutions | Greek Org vs. Light Wonder | Greek Org vs. International Game Technology |
| Good Gaming vs. Everi Holdings | Good Gaming vs. Intema Solutions | Good Gaming vs. Light Wonder | Good Gaming vs. International Game Technology |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |